CanLaw Bankruptcy Answers
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124 00.00 You have several alternatives to bankruptcy to consider
Product description: Consider Consumer Proposal Debt Consolidation Debt Settlement Debt Management Program You can negotiate a better creditor payment plan and avoid bankruptcy

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  • Monthly payments to creditors exceed 20% of your take home pay (not including your rent or mortgage).
  • Using your savings to pay for daily expenses.
  • Not having any savings at all
  • Not knowing how much you owe.
  • Arguing with your family members over unpaid bills or money problems.
  • Are you always worried about money
  • Behind on your credit card or loan payments
  • Creditors and collectors calling with payment demands
  • Using your credit cards to pay bills
  • Afraid to open your mail or answer your phone
  • Creditors constantly hounding and harassing you for payment, threaten legal action, or hire a collection agency
  • Are there threats of or actual court action against you?
  • Creditors' lawsuits, repossessions or judgments against you

Do You See Yourself in These Warning Signs of Debt or

 Financial Problems?

 

which you should consider first.

  • They include options like
  • Consumer Proposal
  • Debt Consolidation
  • Debt Settlement
  • Debt Management Program

Sometimes you can negotiate with your creditors directly to build a better payment plan and avoid bankruptcy.

  • Your wages have been garnisheed
  • Loans or Credit Refused
  • Gambling Losses
  • Are you struggling to meet your rent or mortgage or car payments?
  • Are you making minimum monthly payments on your debts?
  • Are you borrowing money from family or friends to survive from one payday to the next?
  • You continually go over your credit limit
  • Your credit cards are used as a necessity rather than a convenience
  • Bounced cheques
  • You use pay cheque cashing companies frequently
  • Are you always in overdraft?
  • You pay only interest or service charges monthly, resulting in no reduction of your outstanding debt
  • Utility companies have cut off service due to unpaid bills
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