Port Colborne Bankruptcy Info & Alternatives

Get all your options, and get back on track.

Personal Bankruptcy Port Colborne
Facts, Alternatives & Options | Ontario

No one wants to declare bankruptcy. Find out what other options you have. Get more information before you make such a serious decision.

Bankruptcy in Port Colborne, Ontario – 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.

No matter how bad you think your situation is

There's a reasonable chance you may be able to avoid bankruptcy

Between financial difficulty and bankruptcy are many options. We specialize in helping people explore those options and find what will work best for them. To get a sample of what some of these options can look like, click the "Debt Relief Options" button below to see a PDF that lays out a number of them (the "Debt Management Program" and "Consumer Proposal" are two common alternatives to bankruptcy that a lot of people choose instead).

Not only can one of our credit counsellors help you explore your options (we find that a large percentage of people who are convinced they need to go bankrupt actually don't), but we have a quiz that can give you a good idea right now of how one of our credit counsellors may be able to help you. All you need to do is answer the 4 easy, multiple-choice style questions on this short quiz. It only takes a minute or two and you might be surprised by what you learn.

Types of Debts – What Bankruptcy Won’t Do

There’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 types of debt that you can’t declare bankruptcy on:

  • Secured debts, like mortgages or car loans
  • Student loans that are less than 7 years old
  • Child and alimony support payments that are in arrears

Some 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 Gain Your Discharge

Those 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.

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

Bankruptcy 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 News

On occasion, the news media will talk to individuals we have helped who are comfortable sharing their story with the public. Below you can see 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 Now
CTV 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 Debt
Charis speaks with Global TV after consolidating with us and nearly paying off $67,000 on 13 credit cards. Watch the Story

Alternatives to Bankruptcy in Ontario

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.

Debt 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.

Debt Settlement

Consolidation 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.

Filing a Consumer Proposal

If you need a legal alternative to filing for bankruptcy, your situation might mean that you need a Consumer Proposal. A Consumer Proposal in Port Colborne 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?

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 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, Confidential Bankruptcy & Credit Counselling Information & Advice in Port Colborne, Ontario

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:

  • Explain all of your bankruptcy alternatives and debt relief options
  • Show you how to budget effectively for all of your household expenses
  • Recommend bankruptcy trustees in Port Colborne if it looks like declaring bankruptcy is the right option
  • Provide answers and information so that you can choose the best way of dealing with your debts
Free, Confidential Credit Counselling Appointments for Port Colborne, Ontario

We 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 Port Colborne, contact us today at 1-888-527-8999, 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.

Certified by Great Place to Work Canada.
Accredited by Canada’s national association of non-profit credit counselling organizations.
North America’s largest association of non-profit credit counselling organizations.
Accredited by the Better Business Bureau.

The Credit Counselling Society also offers assistance to people who need help with their payday loans in Port Colborne (even online ones).