Bankruptcy Alternatives in StrathroyExplore all your options, and get your finances back on track.Personal Bankruptcy Strathroy - Facts, Options & Alternatives | OntarioNo one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.Personal Bankruptcy in Strathroy, 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 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 types of debt that aren't included in a bankruptcy are:Secured debts, like a mortgage or car loanStudent loans that are less than 7 years oldChild and alimony support payments that you're behind onMany people think that they need to declare bankruptcy because of their credit card debt, but if that debt is recent, creditors may not allow you to eliminate those balances with bankruptcy. Bankruptcy Procedures - The Process of Working with Your Trustee to Attain Your DischargeFiling for bankruptcy is the easy part. Did you know that it takes at least 9 months to complete the whole bankruptcy process? During that time, there are costs and fees to pay to your trustee for bankruptcy. You are also required to attend two bankruptcy counselling sessions. Depending on your situation, if you have to pay extra money to your creditors, completing the process will take longer. If you have too much equity in your home, or assets 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 Report & Bankruptcy in CanadaLegally eliminating debt through bankruptcy seriously impacts your credit rating and makes it hard to obtain credit later. You need to show creditors why they should trust you enough to lend you money again. Not being able to renew your mortgage, get a loan or apply for a low interest rate credit card often impacts other financial plans and puts your life on hold. Canadians We Helped Interviewed on the NewsOccasionally, 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 interviews Charis who consolidated with us and has nearly paid off $67,000 in debt on 13 credit cards. Watch the SegmentSee more examples of the Credit Counselling Society in the news. Alternatives to Bankruptcy in OntarioYou may now be curious as to which bankruptcy alternatives can work for you. The right solution might not just be one option, but a combination of a few different ones. Depending on your situation, 4 options that you likely need more information about are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.Consolidation & Debt Repayment PlansConsolidation means a lot of things, and while most people think that they need a loan to consolidate their bills and debts, that's not always possible. If you've got a good household budget, a loan might work for you. However, if you've been declined for a debt consolidation loan, consolidating only your monthly payments might make more sense.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.Settle DebtConsolidation 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 for a Consumer ProposalThere are also times where you need a legal alternative to bankruptcy, so a Consumer Proposal might be right. A Consumer Proposal in Strathroy is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.How Do I Decide Which Option to Go For?By now you can likely gather that a lot depends on your situation. And regardless of what you've tried in the past, you need help taking an objective look at your whole financial situation with a fresh set of eyes. You need a trained and certified Credit Counsellor to help you come up with a good plan.There's Hope Without Declaring Bankruptcy"Whatever your financial worries, trepidation or fear of being judged\/forced into bankruptcy - get CCS to help. Their staff is incredible, couldn't have dealt with a better group of people. They are truly dedicated to finding practical solutions, advocating for your financial future. First they provide hope, then they help and finish by delivering happiness." - Daryl, Actual Client Review from Google\t Non Profit Bankruptcy Information & Credit Counselling Advice in Strathroy, 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:Review all of your options to deal with your debts, including bankruptcy alternativesShow you how to manage your living costs and bills effectivelyRefer you to a bankruptcy trustee in Strathroy if filing for bankruptcy is a good option for youAnswer your questions and explain what you need to know so that you can decide the best way to deal with your debts Free Credit Counselling Appointments for Strathroy, OntarioEach year we help thousands of people just like you successfully deal with their debts. Looking forward to a debt-free financial future really is possible. To learn more or to schedule a free, confidential, no-obligation appointment with one of our professionally trained Credit Counsellors who serves Strathroy, 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 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 provides help to those who are struggling with payday loans - including online loans - in Strathroy.