Alternatives to Bankruptcy: Pros and Cons of Each of Bankruptcy Alternatives


Alternatives to Bankruptcy: Learn about Your Options

Are you trying to deal with your debt, but also avoid bankruptcy? - There are several alternatives to bankruptcy that are available to you, and each of them has its pros and cons. Knowing the details on how each of the options works will allow you to choose the one that best fits your unique situation.

To learn more about your bankruptcy alternatives:

To ask a question about alternatives to bankruptcy:

You can also contact a trustee near you for a consultation. Your first meeting will be free of charge or obligation, and will deal exclusively with your personal circumstances.

For questions on how to avoid bankruptcy, on alternatives to bankruptcy, and on related topics, trust the experts at Bankruptcy Canada!

The latest questions on bankruptcy alternatives, with our experts' responses:

Bankruptcy or Debt Consolidation in Alberta? – If one owes about $27,000 all credit card debt and the only income is old age security. It is impossible to clear the credit card debt on this income and still live. The only significant asset is a 2008 vehicle. Would it be better for this person to […]

Posted on Monday, September 8, 2014
box listanswered by Desmond West-Chow, CIRP @ 3:59 pm 1 Comment

I was 10 days late in monthly mortgage payment and I owe 2013 property taxes. Now the bank wants to cancel my mortgage and sell my house. What can I do? As I am now able to pay back the property taxes and I have no problem in continuing paying my mortgage monthly in full. […]

Posted on Friday, August 22, 2014
box listanswered by Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P @ 10:38 am 1 Comment

I have 5 debts all over 3 years old including one government debt over 17 years old incurred through overpayment in another province. I am gainfully employed but I am a sole support mother trying to get out of old debts so I can get on with my life. How do I deal with this […]

Posted on Monday, June 23, 2014
box listanswered by Doug Stuive, CA | Trustee | CIRP @ 8:00 am 1 Comment

My husband and I owe 30,000 in credit card debt, 6,000 in income tax, 94,000 unsecured loans. Our house is worth 260,000 and our mortgage is 204,000. Our combined income is 110,000. What is our best option. We don’t want to lose our home. Posted from: Quebec

Posted on Monday, June 9, 2014
box listanswered by Questions @ 10:33 am 1 Comment

I have about $50,000 in credit card debt and a consolidation loan. I am on LTDI and won’t be going back to work. Because of being on LTDI my salary has dropped to about $52,000. I am able to make all of payments. I have never missed a payment and all of my payments have […]

Posted on Tuesday, April 15, 2014
box listanswered by Desmond West-Chow, CIRP @ 1:20 pm 1 Comment

To avoid bankruptcy, I have chosen a debt consolidation loan from the bank to pay all outstanding taxes owed from my previous self employed status. I have since closed the business and I am now a full time employee for another company. Can any of this debt or loss be deducted on my upcoming personal […]

Posted on Friday, February 21, 2014
box listanswered by Questions @ 8:49 am 1 Comment

If I don’t declare bankruptcy. I am 61 CPP of $500.00 per month other income part time $600.00 per month no assets and unsecured debt for 4 years $30,000. They call about every 6 months. I don’t need credit and unable to pay. Can I keep on not paying?I tried to get a loan but […]

Posted on Monday, February 10, 2014
box listanswered by Questions @ 5:57 pm 1 Comment

My sister and I have a mortgage together and I lost my job since April 2013. I’m struggling to find a job and my employment insurance is depleted. I have an unsecured debt of approx. $20,000.00 and I’m struggling to pay it and my household bills. However, I’ve managed to keep my portion of the […]

Posted on Tuesday, January 14, 2014
box listanswered by Questions @ 6:51 am 1 Comment

I had a car that was taken back because I fell behind in payments. This happened over 4 years ago. I received something in the mail 4 years ago. Nothing since. However, recently married and my wife is making me try and fix the credit. We can’t afford to just call and pay the 20 […]

Posted on Friday, December 6, 2013
box listanswered by Questions @ 7:04 am 1 Comment

Me and my wife are going thru rough financial problems right now. We are not late on any payments yet as we use our credit cards to stay in good standing with our creditors. I would not like to go bankrupt but need some type of help to get us out of this situation . […]

Posted on Tuesday, December 3, 2013
box listanswered by Questions @ 7:12 am 1 Comment