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Alternatives to Bankruptcy in Canada

Before Declaring Personal Bankruptcy Check Out Your Other Options

In Canada personal bankruptcy is often something that people think they have to do when they are over their head in debt. However, before going down this path and declaring bankruptcy, it's wise to get an objective opinion about your financial situation. A lot of Canadians don't know that a number of alternatives to bankruptcy are available in all provinces. It's always in your best interest to explore all your options and inform yourself. It is also important to find out what assets you may have to give up if you file for bankruptcy and how long it can take to rebuild your credit after the bankruptcy process is finished.

Bankruptcy Alternatives in Canada

Click on any of the topics below to learn more about these bankruptcy alternatives. All of them except for Orderly Payment of Debts (OPD) are available across Canada:

Everyone’s Financial Situation is Different

Bankruptcy isn't a magic pill that can make everyone's problems go away. It can be a bitter pill to swallow, and many times it doesn't make financial sense for a lot of people. The bottom line is that you need to find out what will work best for your situation, and a non-profit credit counselling service can help you. One of their professionally certified Credit & Debt Counsellors can provide you with an objective, confidential and non-judgmental assessment of your financial situation. As part of this analysis they will explain to you what other options may be available to you along with other important about information bankruptcy. If any of the bankruptcy alternatives listed above make sense for your situation, they will be sure to discuss those options with you. Click here to find a non-profit credit and debt counselling service near you.

Alberta Bankruptcy Information about Alternatives & Options

British Columbia Information on Alternatives to Filing for Bankruptcy

Manitoba Personal Bankruptcy Options & Alternatives

Ontario Information about Bankruptcy Options & Alternatives

Saskatchewan Information on Alternatives to Filing for Bankruptcy

Yukon Alternatives to Filing for Bankruptcy

Northwest Territories Help when Considering Declaring Bankruptcy

Nunavut Bankruptcy Alternative Options

Non Profit, Confidential Bankruptcy & Credit Counselling Information & Advice in City, Province

To get more information about bankruptcy and find out if it may be a worthwhile option for your situation, make an appointment to speak with a non-profit Credit Counsellor. If you and your Counsellor determine that bankruptcy is your best option or if your situation calls for the advice of a bankruptcy trustee, your Counsellor will refer you to a quality trustee in your community.

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Comments

Norma replied on

I was looking for alternatives and searching on the internet brings me here. I was about to declare bankruptcy because of my debts, especially with my credit cards. I am a shopaholic and now I am down because of debt but I do have investments too. Thank you for this blog.