You cannot run or hide from your debts.
You cannot ignore them They will not go away.
It is far better to face the music and deal with your problem head on.
You will feel better and live better if you do.
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credit, debt consolidation, credit counselling, consumer proposals or bankruptcy
You Cannot Out Run Your Debts
Know you are not alone.
Over 110,000 Canadians declare bankruptcy and get a fresh start and a clean slate every year. Where do you start? Right here. Right now.
Keep in mind that your credit rating is probably already ruined so any of the following steps will not hurt it. In fact, in time, these steps will improve your credit rating.
The best way to get detailed information about filing an assignment in bankruptcy or a proposal is to contact a Trustee in Bankruptcy. There is no cost for this and there is no obligation to proceed with bankruptcy.
A Consumer Proposal is a means to negotiate with your creditors for the reduction of you debts and/or extension of time for payment of their debts. The payment schedule that is created in consultation with a your advisor is based on your income, living expenses and family creditors. It prevents your creditors from taking legal actions to seize assets or garnishee wages.
Credit Counselling services can work out a lower payment plan with your creditors for you. They charge fees despite their touted "non profit" status. The fees are usually hidden and deducted from your payments. Credit counselling plans will take years to pay off your debts.
Use only if you are able to control your spending. If you can get a consolidation loan, this may solve your problem. However many people who consolidate just run up their credit cards again and are worse off than before the loan.
The first step in trying to resolve your debt problem is to pick up the phone and contact your creditors and try to work out a payment plan. Explain your situation and reiterate your willingness to work with the creditor to catch up on your overdue bills.
This is not legal advice, it is information
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