Brossard Bankruptcy Alternatives & Options
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Personal Bankruptcy Brossard – Facts, Alternatives & Options | Quebec

No 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.

Bankruptcy in Brossard, Quebec – 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.

Types of Debts – What Bankruptcy Won’t Do For You

Bankruptcy isn’t something most people want to talk about with their friends. Yes, bankruptcy gets rid of most of your debts, but did you know that there are some debts you might still have to repay 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 loan
  • Student loans that are less than 7 years old
  • Child and alimony support payments that you’re behind on

Many 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.

The Bankruptcy Process – Working with Your Trustee to Obtain Your Discharge

It’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 Quebec, 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.

Your Credit Report & Bankruptcy in Canada

Bankruptcy 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 Helped

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 News interviews Julia Fletcher after she avoided bankruptcy and eliminated her debt with help from the Credit Counselling Society. Watch News Clip
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 is interviewed by Global TV after nearly paying off $67,000 on 13 credit cards. The Credit Counselling Society helped her. Watch

Alternatives to Bankruptcy in Quebec

By now you are likely wondering what alternatives to bankruptcy really exist. There are quite a few, and combining them might also be a solution. Depending on your situation, 4 options that might work for you are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.

Debt Consolidation & Debt Repayment Plans

Consolidation usually means consolidating your bills and everything you owe into a new loan. With a fine-tuned budget, this might work for you. For other people, consolidating only the monthly payments makes more sense. Don’t worry if you’ve been turned down by your bank or credit union. There are other types of debt consolidation that may be available.

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

Repayment and consolidation programs or loans help you pay back what you borrowed – which is a good thing because most people really don’t want to file for bankruptcy and walk away from their debts. However, sometimes it’s possible that only paying back part of a debt may be the best solution. That’s where a debt settlement with a reputable company might help. Offering creditors a settlement requires a lump sum of money, but sometimes that’s not as far-fetched an option as you might think.

Filing for a Consumer Proposal

There are also times where you need a legal alternative to bankruptcy, so a Consumer Proposal might be right. A Consumer Proposal in Brossard 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?

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 Brossard, Quebec

Get 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 options to deal with your debts, including alternatives to bankruptcy
  • Show you how to effectively manage all of your bills and living expenses
  • Refer you to a bankruptcy trustee in Brossard if it looks like bankruptcy is your best option
  • Answer your questions and give you the guidance you need to know what to do about your debts
Free Credit Counselling Appointments & Consultations for Brossard, Quebec

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 Brossard, contact us today at 647-776-0485, 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.

Accredited member of Credit Counselling Canada.
Accredited Charity by the Better Business Bureau.
Winner of Best Workplaces in Canada award by Great Place to Work.
Affiliate of the NFCC, the National Foundation for Credit Counseling.

The Credit Counselling Society also helps those who are having difficulty with their payday loans – even online loans – in Brossard.