Sault Ste. Marie Bankruptcy Info & AlternativesDiscover all your options and get back on track.Personal Bankruptcy Sault Ste. Marie - 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 Sault Ste. Marie, 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 Won'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. The Bankruptcy Process - Working with Your Trustee to Obtain 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.Your Credit Rating & 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. CTV News and Global TV Interviewing People We HelpedOn 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 DebtCharis speaks with Global TV after consolidating with us and nearly paying off $67,000 on 13 credit cards. Watch the StorySee even more examples of the Credit Counselling Society appearing in the local and national 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.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 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.Filing for a 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 Sault Ste. Marie 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 & Credit Counselling Information & Advice in Sault Ste. Marie, 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 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 Sault Ste. Marie 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 Free, Confidential Credit Counselling Appointments for Sault Ste. Marie, 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 Sault Ste. Marie, 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 provides help to those who are struggling with payday loans - including online loans - in Sault Ste. Marie.