Dorval Bankruptcy Info & Alternatives
Explore all your options, and get your finances back on track.

Personal Bankruptcy Dorval – Facts, Alternatives & Options | Quebec

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 Dorval, 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 kinds of debt that are excluded from bankruptcy are:

  • Secured debts, like a car loan or mortgage
  • Student loans, if they are less than 7 years old
  • Child and alimony support payments that aren’t up to date

Also, if you recently racked up credit card bills and now want to go bankrupt, creditors may stop you or ask that you pay more, before they let you get rid of the debt through bankruptcy.

Bankruptcy Procedures – The Process of Working with Your Trustee to Attain Your Discharge

Filing 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 Quebec, your trustee will sell your assets for you.

You should also be aware that your trustee, your creditors, the Office of the Superintendent of Bankruptcy or the Court can oppose or delay your bankruptcy discharge. Depending on your situation, 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 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.

People We’ve Helped Interviewed on CTV News and Global TV

Occasionally, the news media will speak with individuals we have helped who are comfortable to publicly share what they’ve experienced. Below you can see a few 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 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 Story
Global TV speaks with Charis who has nearly paid off $67,000 in debt on 13 credit cards with help from the Credit Counselling Society. 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.

Consolidation & Debt Repayment Programs

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

Sometimes a legal alternative to bankruptcy might be what you need. A Consumer Proposal could be the right solution depending on your situation. A Consumer Proposal in Dorval is arranged by a trustee, and by making monthly payments, you pay back part of what you owe. Your creditors have the option to agree to the proposal or not.

What’s My Best Option?

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 Life Beyond Debt for Everyone

“I am likely going to be out of debt within a year – and that’s over a year ahead of the initial estimate! Best part of that is that because the Credit Counselling Society did it as a debt repayment arrangement, unlike bankruptcy, it will be much better on my credit rating – and as proof, when I applied for new cell and cable service in Vancouver, my rating has already improved such that I got new accounts without a limit or deposit!”

– Paul, Actual Client from Yelp

Non Profit Bankruptcy Information & Credit Counselling Advice in Dorval, Quebec

If you want to find out why someone shouldn’t declare bankruptcy, get answers to your questions about joint debts or debts left over from a divorce, or learn more about alternatives to bankruptcy, one of our Credit & Debt Counsellors can help! They are experts in helping people with their debts and money, and they’d be happy to provide you with the information you need to make an informed decision about your financial future.

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 Dorval 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 Credit Counselling Appointments for Dorval, 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 Dorval, 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.

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 Dorval.