Bankruptcy Alternatives in BrantfordExplore all your options, and get your finances back on track.Personal Bankruptcy Brantford - Facts, Alternatives & Options | OntarioNo one feels good about filing for bankruptcy. Get more information and find out what other options and solutions could work better, before making this important decision.Personal Bankruptcy in Brantford, Ontario - 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 Can't DoBankruptcy 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 loanStudent loans that are less than 7 years oldChild and alimony support payments that you're behind onMany 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 Gain Your DischargeIt'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 Ontario, your trustee will sell your assets for you.You should also be aware that your trustee, your creditors, the Office of the Superintendent of Bankruptcy or the Court can oppose or delay your bankruptcy discharge. Depending on your situation, you may need to attend a hearing, answer questions under oath and\/or meet the additional requirements to obtain your discharge.Credit Ratings & Bankruptcy in CanadaLegally 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 NewsOccasionally, the news media will interview one or two Canadians we helped who are comfortable with publicly sharing their stories. Here are several of these experiences with the Credit Counselling Society.Global TV interviews Julia Fletcher after she eliminates her debt with zero interest & avoids bankruptcy with help from the Credit Counselling Society. See Story NowCTV story shows how Dan Robinson pays off $30,000 in debt with zero interest after getting help from the Credit Counselling Society. CTV - Help to Pay Down DebtGlobal TV sits down with Charis who has almost paid off $67,000 worth of debt on 13 credit cards with the assistance of the Credit Counselling Society. WatchSee more examples of the Credit Counselling Society in the news. Alternatives to Bankruptcy in OntarioBy now you are likely wondering what alternatives to bankruptcy really exist. There are quite a few, and combining them might also be a solution. Depending on your situation, 4 options that might work for you are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.Consolidation & Debt Repayment ProgramsConsolidation usually means consolidating your bills and everything you owe into a new loan. With a fine-tuned budget, this might work for you. For other people, consolidating only the monthly payments makes more sense. Don't worry if you've been turned down by your bank or credit union. There are other types of debt consolidation that may be available.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.Settle DebtRepayment 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 a Consumer ProposalThere are also times where you need a legal alternative to bankruptcy, so a Consumer Proposal might be right. A Consumer Proposal in Brantford 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?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 Life Beyond Debt for Everyone"I am likely going to be out of debt within a year - and that's over a year ahead of the initial estimate! Best part of that is that because the Credit Counselling Society did it as a debt repayment arrangement, unlike bankruptcy, it will be much better on my credit rating - and as proof, when I applied for new cell and cable service in Vancouver, my rating has already improved such that I got new accounts without a limit or deposit!" - Paul, Actual Client from Yelp Non Profit, Confidential Bankruptcy & Credit Counselling Information & Advice in Brantford, OntarioIf you want to find out why someone shouldn't declare bankruptcy, get answers to your questions about joint debts or debts left over from a divorce, or learn more about alternatives to bankruptcy, one of our Credit & Debt Counsellors can help! They are experts in helping people with their debts and money, and they'd be happy to provide you with the information you need to make an informed decision about your financial future.Your Counsellor will:Review all of your options to deal with your debts, including bankruptcy alternativesShow you how to manage your living costs and bills effectivelyRefer you to a bankruptcy trustee in Brantford if filing for bankruptcy is a good option for youAnswer your questions and explain what you need to know so that you can decide the best way to deal with your debts Free Credit Counselling Appointments for Brantford, OntarioWe specialize in helping people just like you deal with their debts in ways that work best for them. It really is possible to be debt free and look forward to a stable financial future. To learn more or to schedule a free, confidential consultation with one of our Debt Counsellors that serves Brantford, 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 Bankruptcy in CanadaCommon Bankruptcy MythsWill Bankruptcy Solve My Debt Problems?Related LinksThe Office of the Superintendent of Bankruptcy in OntarioInsolvency GlossaryCredit Counselling Society Ontario office locations The Credit Counselling Society also offers assistance to people who need help with their payday loans in Brantford (even online ones).