Sooke Bankruptcy Alternatives & OptionsDiscover all your options and get back on track.Personal Bankruptcy Sooke - Facts, Alternatives & Options | BCNo one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.Personal Bankruptcy in Sooke, BC - When you can't afford to pay your bills and debts what comes to mind first? Many people think of filing for bankruptcy. While bankruptcy might be the right solution for you, you first need to find out about your other options, the ins and outs of the process, and how it will affect you and your family in the future. We want to help you avoid making a huge mistake by giving you information to make an informed decision. Types of Debts - What Bankruptcy Won't Do For YouIt's easy for people to tell you that bankruptcy helped them eliminate their debts, but do they also tell you that it's not possible for everyone? Some debts might still have to be paid because by law, they can't be included when you file for bankruptcy.3 types of debt that you can't declare bankruptcy on:Secured debts, like mortgages or car loansStudent loans that are less than 7 years oldChild and alimony support payments that are in arrearsSome people also want to declare bankruptcy because of their credit card debt. However, if they only recently got into debt with their credit cards, creditors may oppose eliminating the debts with bankruptcy. Bankruptcy Procedures - The Process of Working with Your Trustee to Attain Your DischargeThose who have gone bankrupt might not tell you that it takes a minimum of 9 months to complete the bankruptcy process. There are costs and fees to go bankrupt, which you pay to your trustee, as well as bankruptcy counselling sessions you must attend. Depending on your circumstances, you may also need to pay extra to your creditors, which delays completing the process and obtaining your discharge. Not everyone loses their home and assets when they file for bankruptcy, but assets above what you're allowed to keep in BC will be sold by your trustee.Many people aren't aware that their trustee, their creditors, the Office of the Superintendent of Bankruptcy or the Court could oppose or delay their discharge from bankruptcy. Depending on someone's situation, they may need to attend a hearing, answer questions under oath and\/or meet additional requirements to obtain their discharge.Credit Ratings & Bankruptcy in CanadaBankruptcy is noted on your credit report and seriously impacts your credit rating. Despite what people say, getting credit after you have eliminated your debts legally through bankruptcy is not easy. It takes patience and time to prove yourself to creditors again. Until they trust you enough to lend you money again, your financial plans might be on hold because you won't be able to take out a loan, renew your mortgage or apply for a low interest rate credit card. People We Helped Interviewed by the News MediaOn occasion, the news media will talk to one or two of the people we helped who are comfortable sharing their story with the public. Below are three of these stories.Global News interviews Julia Fletcher after she avoided bankruptcy and eliminated her debt with help from the Credit Counselling Society. Watch News ClipCTV News reveals how Dan Robinson paid off $30,000 in debt with no interest with the help of the Credit Counselling Society. Watch the News StoryGlobal TV sits down to talk with Charis who consolidated with us and has now almost paid off $67,000 worth of debt on 13 different credit cards. See the SegmentYou can check out even more of the Credit Counselling Society in the news. BC Bankruptcy AlternativesBy now you may be wondering which alternatives to bankruptcy could work for you. There are a number of options and the best solution might mean combining some of them. Depending on your circumstances, 4 options that you may not have considered are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.Consolidation & Debt Repayment PlansWhen you hear the words "debt consolidation," you probably think that this means consolidating your bills and other debts into a new loan. This could work for you if you've got a realistic budget. For many people, it makes more sense to consolidate only their monthly payments. Don't worry if you've been turned down for a consolidation loan by your lender. There are other types of debt consolidation to consider.If you happen to have bad credit, you might be worried about consolidating your debts, but consolidating payments doesn't mean borrowing more money, so credit problems aren't an issue. That's how a debt management program with a non-profit credit counselling agency works. Your creditors help you by lowering or waiving interest charges. This makes smaller payments possible, saves you thousands in interest and lets you pay back what you borrowed. Your monthly payments are based on what you can afford and there's no loan to get you deeper into debt.Settling Your DebtsTo help you pay back what you borrowed, consolidation programs and loans can help. Most people don't want to walk away from their debts and go bankrupt, but they think they have to because they don't know what else to do. Surprisingly, sometimes only paying back part of what you owe can also be a solution. When done properly, a debt settlement offers your creditors a lump sum of money. That might not be as far-fetched an option as you might think.Filing for a Consumer ProposalIf you need a legal alternative to filing for bankruptcy, your situation might mean that you need a Consumer Proposal. A Consumer Proposal in Sooke is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.What's My Best Option?As you can tell, a lot depends on your situation. When you're just trying to make ends meet and duck the collection phone calls, you need help looking at your circumstances objectively. You need a professionally trained Credit & Debt Counsellor to help you come up with a good plan.There's Hope Without Declaring Bankruptcy"Whatever your financial worries, trepidation or fear of being judged\/forced into bankruptcy - get CCS to help. Their staff is incredible, couldn't have dealt with a better group of people. They are truly dedicated to finding practical solutions, advocating for your financial future. First they provide hope, then they help and finish by delivering happiness." - Daryl, Actual Client Review from Google Non Profit Bankruptcy Information & Credit Counselling Advice in Sooke, BCOne of our expert Credit Counsellors can help if you need answers to questions about joint debts, have questions about debts left over from a divorce, want to learn more about alternatives to bankruptcy, or want to know more about how going bankrupt would affect you. They are experts in helping people come up with good solutions to deal with their debts, and would be happy to provide you with the information you need to make an informed decision to get your finances back on track.Your Counsellor will:Explain all of your bankruptcy alternatives and debt relief optionsShow you how to budget effectively for all of your household expensesRecommend bankruptcy trustees in Sooke if it looks like declaring bankruptcy is the right optionProvide answers and information so that you can choose the best way of dealing with your debts Free, Confidential Credit Counselling Appointments for Sooke, BCWe are experts in helping individuals and families just like you find good solutions to their debt problems. It really is possible to get back on track and look forward to being debt free. To find out more or to schedule a free, confidential appointment with one of our Credit Counsellors who serves Sooke, contact us today at 1-888-527-8999, email us or chat with us online.Putting Your Interests FirstOur goal is to always put consumers first and look out for their best interests in everything we do. One way we do this is through transparency and accountability. We are held accountable to the most rigorous standards in our industry.Related Articles of InterestMore Information About Canadian BankruptcyCanadian Bankruptcy Myths & FactsWill Bankruptcy Fix My Debt Problems?Related LinksThe Office of the Superintendent of Bankruptcy in BCInsolvency GlossaryCredit Counselling Society BC office locations The Credit Counselling Society also helps those who are having difficulty with their payday loans - even online loans - in Sooke.