Cambridge Bankruptcy Info & AlternativesDiscover all your options and get back on track.Personal Bankruptcy Cambridge - Facts, Options & Alternatives | OntarioNo one wants to declare bankruptcy. Find out what other options you have. Get more information before you make such a serious decision.Personal Bankruptcy in Cambridge, Ontario - Bankruptcy might be the first thing you think of when you realize that you can't keep up with your bills and debts. It might even be the right debt solution for you. But, before declaring bankruptcy, you need to know your options, how the process works and how it will affect you and your family in the years to come. Let us help you avoid a mistake by explaining all of your options first. 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. The Bankruptcy Process - Working with Your Trustee to Obtain 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 Ontario will be sold by your trustee.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.Your Credit Report & Bankruptcy in CanadaBankruptcy is one of the worst things you can do to your credit rating. There is no easy way to obtain credit after you have legally eliminated your debts through bankruptcy. It takes time and patience before creditors trust you enough to lend you money again. Not being able to take out a loan, renew your mortgage or apply for a low interest rate credit card can impact your financial plans and put your life on hold. People We Helped Interviewed on Global TV and CTV NewsAt times, the news media will interview one of the people we helped who are comfortable sharing their story with the public. Below are three of these stories.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 interviews Charis who consolidated with us and has nearly paid off $67,000 in debt on 13 credit cards. Watch the SegmentYou can see more 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.When you consolidate payments, you don't actually borrow more money, so bad credit is never a problem. That's how a debt management program with a non-profit credit counselling organization works. Your creditors will help you by lowering or waiving ongoing interest charges. This saves you thousands of dollars in interest and lets you repay your debts. The amount you pay each month is based on your budget and on what you can afford.Debt SettlementTo 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.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 Cambridge is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.Which Option is Best?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 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 Bankruptcy & Credit Counselling Information & Advice in Cambridge, 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:Explain all of your options to deal with your debts, including alternatives to bankruptcyShow you how to effectively manage all of your bills and living expensesRefer you to a bankruptcy trustee in Cambridge if it looks like bankruptcy is your best optionAnswer your questions and give you the guidance you need to know what to do about your debts Office Serving Cambridge22 King Street SouthSuite 300Waterloo, ON N2J 1N8Phone: 519-340-1013Our office that serves Cambridge also offers bankruptcy alternatives in Hamilton, Kitchener, Waterloo, Guelph, Preston, Hespeler, New Dundee, Plattsville, Bright, Innerkip, Princeton, Ayr, Paris, Morriston, Puslinch, and Aberfoyle. Free, Confidential Credit Counselling Appointments for Cambridge, 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 Cambridge, contact us today at 519-340-1013, 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 Info About Bankruptcy in CanadaCommon Canadian Bankruptcy Myths & MisconceptionsWill Bankruptcy Resolve My Debt Issues?Related LinksThe Office of the Superintendent of Bankruptcy in OntarioInsolvency GlossaryCredit Counselling Society Ontario office locations The Credit Counselling Society also helps those who are having difficulty with their payday loans - even online loans - in Cambridge.