Many people feel that filing for bankruptcy is the only solution if they need help getting out of debt. However, several debt options in BC exist to help you become debt free.
Usually a person will decide to file for personal bankruptcy only if other debt options are unsuitable.
Some other common options besides personal bankruptcy may include:
- Trying to work out a repayment, or renegotiated settlement with your creditors on your own.
- Obtaining a debt consolidation loan through a bank or other traditional lender, which will pay off the individual creditors.
- Paying a debt or credit counsellor to set up a repayment program with your creditors.
- Filing a Consumer Proposal to cut your debt by up to 80%, halt interest and stop any collection action. (Consumer Proposals [1] are the number one alternative to filing a personal bankruptcy in Canada).
Meet with a Sands & Associates representative [2] today to discuss the pros and cons of debt solutions available to you.