Bankruptcy Alternatives in FergusDiscover all your options and get back on track.Personal Bankruptcy Fergus - Facts, Alternatives & Options | OntarioNo one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.Personal Bankruptcy in Fergus, 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 DoThere's a lot that people don't tell you about bankruptcy. Sure, it will get rid of most of your debts, but there are some debts you might still have to pay because they can't be included in your bankruptcy.3 common kinds of debt that are excluded from bankruptcy are:Secured debts, like a car loan or mortgageStudent loans, if they are less than 7 years oldChild and alimony support payments that aren't up to dateAlso, if you recently racked up credit card bills and now want to go bankrupt, creditors may stop you or ask that you pay more, before they let you get rid of the debt through bankruptcy. Bankruptcy Procedures - The Process of Working with Your Trustee to Attain 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.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've Helped Interviewed on CTV News and Global TVOccasionally, 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.Julia Fletcher is interviewed by Global TV after avoiding bankruptcy by paying off her debt with no interest with help from the Credit Counselling Society. Watch News StoryCTV 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 speaks with Charis who has nearly paid off $67,000 in debt on 13 credit cards with help from the Credit Counselling Society. WatchYou can check out even more of the Credit Counselling Society in the news. Ontario 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.Debt 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.Debt SettlementConsolidation programs and loans help you repay what you borrowed. Most people really do want to pay back what they owe and not walk away from their debts by declaring bankruptcy. However, only paying back part of what you owe might be the best solution. That's where a debt settlement, when structured properly, can help. You need a lump sum of money to offer your creditors a settlement, but sometimes that's not as far-fetched an option as you might think.Consumer ProposalSometimes a legal alternative to bankruptcy might be what you need. A Consumer Proposal could be the right solution depending on your situation. A Consumer Proposal in Fergus is arranged by a trustee, and by making monthly payments, you pay back part of what you owe. Your creditors have the option to agree to the proposal or not.Which Option is Best?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 a Way Out of Debt Without Bankruptcy"I'm so grateful for the help of The Credit Counselling Society. I honestly didn't know what to do. I got myself in debt way more than I could handle. And it's nice to know that I'm paying off my debt with their help rather than claiming bankruptcy. Thank you so much everybody that spoke with me at the credit counselling." - Tammy, Actual Client Review from Facebook Non Profit Bankruptcy Information & Credit Counselling Advice in Fergus, OntarioOne 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 Fergus 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 Fergus, OntarioWe 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 Fergus, 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 OntarioInsolvency GlossaryCredit Counselling Society Ontario office locations The Credit Counselling Society also offers assistance to people who need help with their payday loans in Fergus (even online ones).