Guelph Bankruptcy Alternatives & OptionsDiscover all your options and get back on track.Personal Bankruptcy Guelph - 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 Guelph, 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 Can't DoIt'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 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 know that your bankruptcy trustee, your creditors, the Office of the Superintendent of Bankruptcy or the Court can oppose or delay your discharge. Depending on your circumstances, 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 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. Canadians We Helped Interviewed on the NewsOn 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 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 SegmentSee even more of the Credit Counselling Society on the news. Alternatives to Bankruptcy in OntarioBy 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.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 Guelph 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?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 Guelph, OntarioGet answers to your questions about joint debts or debts remaining after a divorce, find out why someone should not file for bankruptcy, or learn more about bankruptcy alternatives from one of our Debt & Credit Counsellors! They are experts in helping people find solutions to their debt and money problems, and they'd be happy to give you with the information you need to make choices that will benefit your financial future.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 Guelph 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 Office Serving Guelph22 King Street SouthSuite 300Waterloo, ON N2J 1N8Phone: 519-340-1013Our office that serves Guelph also offers bankruptcy alternatives in Cambridge, Kitchener, Waterloo, Ariss, Rockwood, Hespeler, Aberfoyle, Puslinch, Milton, Halton Hills, Erin, Fergus, Elora, Drayton, Arthur, Caledon, and Orangeville. Free, Confidential Credit Counselling Appointments for Guelph, 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 Guelph, 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 Guelph (even online ones).