Personal Bankruptcy Estevan – Facts, Options & Alternatives | Saskatchewan
No one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.
Personal Bankruptcy in Estevan, Saskatchewan – 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 Do For You
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 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.
Bankruptcy Procedures – The Process of Working with Your Trustee to Attain 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 Saskatchewan, 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.
Your Credit Report & Bankruptcy in Canada
Legally 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 News
On 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.
You can check out even more of the Credit Counselling Society in the news.
Alternatives to Bankruptcy in Saskatchewan
You 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.
Debt Consolidation & Debt Repayment Plans
Consolidation 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 Debt
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
There are also times where you need a legal alternative to bankruptcy, so a Consumer Proposal might be right. A Consumer Proposal in Estevan 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?
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 Information & Credit Counselling Advice in Estevan, Saskatchewan
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:
- Review all of your options to deal with your debts, including bankruptcy alternatives
- Show you how to manage your living costs and bills effectively
- Refer you to a bankruptcy trustee in Estevan if filing for bankruptcy is a good option for you
- Answer your questions and explain what you need to know so that you can decide the best way to deal with your debts
Each 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 Estevan, 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.
Related Articles of Interest
The Credit Counselling Society also helps those who are having difficulty with their payday loans – even online loans – in Estevan.