Personal Bankruptcy Surrey – Facts, Options & Alternatives | BC
No one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.
Bankruptcy in Surrey, BC – Bankruptcy can be the only thing that comes to mind when you realize that you can’t afford to pay your debts and bills. It might be a good solution for your debt problems. But, before filing bankruptcy, you need to know more about your options, how the process works and what it could mean for you and your family in the future. We can help you avoid a possible mistake by showing you your other options first.
Discover Your Options
A Visual Overview of Possible Options
Here are some options that may be available to you based on the information you have provided about your financial situation. The most likely options are in green, less likely in yellow, and least likely in red. This is only intended to provide you with a general idea of the options that may be available to you. A credit counsellor will need to go over your information in much more detail to make a more precise determination.
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Option
Do a Deeper Dive to Uncover More Options
It looks as though your situation requires more in-depth analysis from a trained credit counsellor. They can help you optimize your budget, explore options, and create a plan to get back on track.
A credit counsellor can help you explore all your options to turn your situation around. This may involve helping you uncover opportunities to reduce your expenses, increase your income, and reduce debt. If it makes sense to sell assets, that could be looked at as well. As this discussion and process unfolds, many times opportunities or debt relief options will become possible that were previously not possible. Speak with one of our credit counsellors to see what may be possible for your situation.
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Option
Self-Managed Solution
After thoroughly exploring your options with a credit counsellor, they can help you put together a plan to get out of debt in a reasonable amount of time. You can then implement this plan on your own.
A Self-Managed Solution begins after spending an hour with one of our credit counsellors. They will help you put together a realistic budget, explore all your options to resolve your current financial challenges and get out of debt, and then help you put together an action plan to move forward. You then carry out the plan on your own but can review things with a credit counsellor at any time you feel you need some more guidance. Speak with one of our credit counsellors to learn more.
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Option
Debt Consolidation Loan
Based on the information you've provided, it appears as though this could be a possibility if your credit score is strong enough.
A debt consolidation loan provided by a bank or credit union can be a good way to pay off credit cards, payday loans, or other bills and consolidate all these debts into one loan at a lower interest rate. However, it can be challenging to qualify for one of these loans. An experienced credit counsellor can help you assess this possibility along with your other options to see what may work best for your situation. Speak with one of our credit counsellors to learn more.
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Option
Debt Management Program
It appears as though this may be an option for you. A Debt Management Program eliminates or drastically reduces interest and consolidates all payments into one.
A Debt Management Program is an interest relief and debt repayment plan that helps you get out of debt within a reasonable amount of time. After a credit counsellor helps you work out a realistic budget, creditors are then negotiated with and asked to reduce your monthly payments to match the repayment plan. Interest is typically either eliminated or substantially reduced under the program. Speak with one of our credit counsellors to learn more.
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Option
Consumer Proposal
This may be an option for you to consider. It's a legal process that consolidates all payments into one. Talk to a credit counsellor about this and see if it makes sense for your situation.
A consumer proposal is legal debt relief option that's provided by the Bankruptcy and Insolvency Act. It's similar to bankruptcy in a number of ways but also has its differences. It can offer some debt relief and even protect assets like your home, but comes with costs and conditions that shouldn't be ignored. Get the full picture on this option and its alternatives before making a choice that could change your life. Speak with one of our credit counsellors to learn more.
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Option
Bankruptcy
Based on the information you've entered, it appears as though bankruptcy may be an option to resolve your financial challenges. You should speak with a credit counsellor about this and make sure you've exhausted all other options first.
Bankruptcy is legal debt relief option that's provided by the Bankruptcy and Insolvency Act. It creates a way for someone who can no longer repay their debts to start over. It effectively erases unsecured debts after an individual makes court supervised payments on those debts for 9 to 24 months. Get the full picture on this option and its alternatives before making a choice that could change your life. Speak with one of our credit counsellors to learn more.
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Option
Orderly Payment of Debts
Based on what you've entered, it looks as though an Orderly Payment of Debts (OPD) program may be an option for you. To find out if this would make sense for your situation, you should speak with a credit counsellor.
An Orderly Payment of Debts (OPD) program is legal consolidation option for unsecured debt provided by the Bankruptcy and Insolvency Act. Through the program, a debtor receives legal protection from their creditors and can keep their assets. However, they are required to repay the full amount of their debt plus 5% interest within 5 years. For someone to get on this program, the courts must approve it. You can speak with a credit counsellor to learn more.
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Option
Voluntary Deposit
Based on the information you've provided, it looks as though a voluntary deposit program may be an option to address your debt situation.
Voluntary deposit is a government debt relief program available only in Quebec. It allows someone in financial difficulty to repay their unsecured creditors based on how much they owe and their ability to pay. The program reduces interest rates to 5%, provides protection from creditors, and is a way to avoid bankruptcy. Speak with one of our credit counsellors to learn more.
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Bonus Option
Online Workshops
Learn how to improve your financial situation, create a budget, make your dollars stretch further, and get out of debt with one of our many helpful online workshops we call webinars.
Our webinars (online workshops) are interactive, allowing you to ask any questions you like, or if you prefer to be anonymous, you can just watch and listen. We offer budgeting webinars covering the very basics through to managing irregular income, fixed income, and the things that tend to break budgets. We also offer webinars covering credit, strategies to get out of debt, ways for couples to manage finances together, and lots of ways to save money - including on groceries, holidays, and vacations. We offer nearly 30 different webinars. Check out the ones that are coming up next.
To find out for sure which options may be available to you, figure out how the pros and cons of each option will apply to your specific situation, and see which option will best help you accomplish your financial objectives, speak with one of our certified credit counsellors by calling us at 1-888-527-8999 or fill out the form below to request a call back.
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Give us a call to speak with one of our credit counsellors at 1-888-527-8999, or if you'd like us to contact you instead, please fill out the form below.
Types of Debts – What Bankruptcy Can’t Do
Bankruptcy isn’t something most people want to talk about with their friends. Yes, bankruptcy gets rid of most of your debts, but did you know that there are some debts you might still have to repay because they can’t be included in your bankruptcy?
3 common types of debt that aren’t included in a bankruptcy are:
- Secured debts, like a mortgage or car loan
- Student loans that are less than 7 years old
- Child and alimony support payments that you’re behind on
Many people think that they need to declare bankruptcy because of their credit card debt, but if that debt is recent, creditors may not allow you to eliminate those balances with bankruptcy.
The Bankruptcy Process – Working with Your Trustee to Obtain Your Discharge
It’s not well known, but it takes at least 9 months to go through all the steps of the bankruptcy process. As part of the process, you make payments to your trustee for the costs and fees of going bankrupt, and you also have to attend two bankruptcy counselling sessions. Completing the process and getting discharged takes longer if you need to pay extra to your creditors because of your situation. If you have assets or too much equity in your home, above what you’re allowed to keep in BC, your trustee will sell your assets for you.
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 Canada
Legally eliminating debt through bankruptcy seriously impacts your credit rating and makes it hard to obtain credit later. You need to show creditors why they should trust you enough to lend you money again. Not being able to renew your mortgage, get a loan or apply for a low interest rate credit card often impacts other financial plans and puts your life on hold.
Canadians We Helped Interviewed on the News
From time to time, the news media interviews some of the people we helped who are comfortable sharing their story publicly. Below are three Canadians who shared their experience with the Credit Counselling Society.
See even more examples of the Credit Counselling Society appearing in the local and national news.
BC Bankruptcy Alternatives
By 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 Plans
When 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.
Consolidating payments doesn’t involve borrowing more money, so there’s never a problem with bad credit. That’s how a debt management program and plan with a non-profit credit counselling organization works. Creditors help by lowering or waiving interest charges while you’re making your payments. This lets you pay off your debts and saves you thousands in interest and fees. What you pay each month is based on what you can afford after you’ve had help to create a realistic budget.
Settling Your Debts
Repayment and consolidation programs or loans help you pay back what you borrowed – which is a good thing because most people really don’t want to file for bankruptcy and walk away from their debts. However, sometimes it’s possible that only paying back part of a debt may be the best solution. That’s where a debt settlement with a reputable company might help. Offering creditors a settlement requires a lump sum of money, but sometimes that’s not as far-fetched an option as you might think.
Filing for a Consumer Proposal
There are also times where you need a legal alternative to bankruptcy, so a Consumer Proposal might be right. A Consumer Proposal in Surrey is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.
How Do I Decide Which Option to Go For?
The right solution to your debts depends on your circumstances. When you’re busy just trying to get from one pay cheque to the next and avoiding collection calls, you need help to look at your situation with a fresh set of ideas. You need a qualified Debt & Credit 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 & Credit Counselling Information & Advice in Surrey, BC
One 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:
- Review all of your options to deal with your debts, including bankruptcy alternatives
- Show you how to manage your living costs and bills effectively
- Refer you to a bankruptcy trustee in Surrey if filing for bankruptcy is a good option for you
- Answer your questions and explain what you need to know so that you can decide the best way to deal with your debts
Surrey Office
Suite 101 – 15399 102A Avenue
Surrey, BC V3R 7K1
Phone: 604-527-8999
Our Surrey office also provides bankruptcy alternative options in Delta, New Westminster, Coquitlam, Langley, Maple Ridge, Guildford, Whalley, Fleetwood, Newton, Cloverdale, South Surrey, and White Rock.
We 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 Surrey, contact us today at 604-527-8999, email us or chat with us online.
Putting Your Interests First
Our 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.
The Credit Counselling Society also offers assistance to people who need help with their payday loans in Surrey (even online ones).