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 debt so I can get on with my life. How do I deal with this situation. […]
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:
- Follow the links at top left to read our articles on different alternatives to bankruptcy.
- Read the latest expert responses to anonymous questions on bankruptcy alternatives, below.
- Search our blog archive for "alternatives" or for one of the specific options identified in our articles (e.g. consumer proposals):
To ask a question about alternatives to bankruptcy:
- Post, anonymously, your questions about bankruptcy alternatives to our blog.
- Request a free evaluation of your situation to get an expert's opinion on which bankruptcy alternative is best for you.
- Email your question to a bankruptcy trustee in your area, who will be glad to respond to your individual situation.
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:
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
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 […]
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 […]
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 […]
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 […]
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 […]
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 . […]
I recently spoke with a Trustee who said I was not a good candidate for Bankruptcy as I am “Judgement Proof” She advised if my financial situation changes I could consider filing then. Is doing nothing a common alternative? Posted from: Ontario
I have not been discharged from Bankruptcy but I received proceeds from accidental death insurance . The accidental insurance was taken after 10 months declaring bankruptcy Can a proposal be done Do I have a choice. Is accidental death exempt from trustee taking the money Posted from: Ontario