Personal Bankruptcy Vernon – Facts, Alternatives & Options | BC
No one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.
Bankruptcy in Vernon, BC – 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.
Find Out What Options May Be Available to You
by Answering 9 Simple Questions
Just answer these easy, multiple-choice questions to get a look at your potential options. Within a few minutes, you'll be looking at summarized options and results that apply specifically to your situation.
Discover Your Options
A Visual Overview of Possible Options
Here are some options that may be available to you based on the information you have provided about your financial situation. The most likely options are in green, less likely in yellow, and least likely in red. This is only intended to provide you with a general idea of the options that may be available to you. A credit counsellor will need to go over your information in much more detail to make a more precise determination.0
Option
Do a Deeper Dive to Uncover More Options
It looks as though your situation requires more in-depth analysis from a trained credit counsellor. They can help you optimize your budget, explore options, and create a plan to get back on track.
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Self-Managed Solution
After thoroughly exploring your options with a credit counsellor, they can help you put together a plan to get out of debt in a reasonable amount of time. You can then implement this plan on your own.
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Debt Consolidation Loan
Based on the information you've provided, it appears as though this could be a possibility if your credit score is strong enough.
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Debt Management Program
It appears as though this may be an option for you. A Debt Management Program eliminates or drastically reduces interest and consolidates all payments into one.
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Consumer Proposal
This may be an option for you to consider. It's a legal process that consolidates all payments into one. Talk to a credit counsellor about this and see if it makes sense for your situation.
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Bankruptcy
Based on the information you've entered, it appears as though bankruptcy may be an option to resolve your financial challenges. You should speak with a credit counsellor about this and make sure you've exhausted all other options first.
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Orderly Payment of Debts
Based on what you've entered, it looks as though an Orderly Payment of Debts (OPD) program may be an option for you. To find out if this would make sense for your situation, you should speak with a credit counsellor.
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Voluntary Deposit
Based on the information you've provided, it looks as though a voluntary deposit program may be an option to address your debt situation.
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Bonus Option
Online Workshops
Learn how to improve your financial situation, create a budget, make your dollars stretch further, and get out of debt with one of our many helpful online workshops we call webinars.
More Specifics on How We Can Help You
Get Help Today
Give us a call to speak with one of our credit counsellors at 1-888-527-8999, or if you'd like us to contact you instead, please fill out the form below.Types of Debts – What Bankruptcy Won’t Do
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 Gain Your Discharge
Those who have gone bankrupt might not tell you that it takes a minimum of 9 months to complete the bankruptcy process. There are costs and fees to go bankrupt, which you pay to your trustee, as well as bankruptcy counselling sessions you must attend. Depending on your circumstances, you may also need to pay extra to your creditors, which delays completing the process and obtaining your discharge. Not everyone loses their home and assets when they file for bankruptcy, but assets above what you’re allowed to keep in BC will be sold by your trustee.
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 Rating & 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
From time to time, the news media interviews some of the people we helped who are comfortable sharing their story publicly. Below are three Canadians who shared their experience with the Credit Counselling Society.
Alternatives to Bankruptcy in BC
By 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.
Consolidation & Debt Repayment Plans
When 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.
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 a Consumer Proposal
There are also times where you need a legal alternative to bankruptcy, so a Consumer Proposal might be right. It 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?
As you can tell, a lot depends on your situation. When you’re just trying to make ends meet and duck the collection phone calls, you need help looking at your circumstances objectively. You need a professionally trained Credit & Debt 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, Confidential Bankruptcy & Credit Counselling Information & Advice in Vernon, BC
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 Vernon 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
We 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 Vernon, 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.
The Credit Counselling Society also provides help to those who are struggling with payday loans – including online loans – in Vernon.