CanLaw
Credit Problems? How to legally reduce or eliminate all your debts.
Current as of
Bankruptcy
Can Wipe Out Your Debt
If you came to this page, chances are you know you need financial help already. You will find realistic answers about your money problems, debt problems, financial problems and Personal Bankruptcy options.
- FINANCIAL PROBLEMS GOT YOU DOWN? Are your credit cards maxed out?
- Tried a consolidation loan which only got you deeper in debt?
- Your credit rating and credit scores are so low you can't get credit for a cup of coffer?
- You looked at credit counselling and it will take years and years.
- Maybe a bankrupt trustee or lawyer is the best option you have? Stop the collection calls. End the garnishees.
- Sick of no money, over credit limit on your credit cards, living in debt and on overdraft? No savings? Endless collection calls about missed payments? Judgments? Get your life back.
- Do not be afraid of going bankrupt. It may be the best solution to ending your money problems right now..
- An illness, a layoff, divorce, or unexpected bills are just a few reasons why you can't pay your bills on time. Here is up to date and accurate information on what you should do if you fall behind on your debts
Debt Problems Making Your Life Miserable?
The Answers You Need Are Here.
WHAT TO DO IF YOU CAN'T
PAY YOUR BILLS
WHERE TO
GET HELP
Negotiate with your creditors
Creditors will offer you a better deal if they know you are in trouble and might default
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 emphasize your willingness to work with the creditor to catch up on your overdue bills.
Consolidation Loans
Use consolidation 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.
Credit Counselling Services
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.
Consumer Proposals
A Consumer Proposal is a means to negotiate with your creditors for the reduction of your debts and/or extension of time for payment of their debts.
The monthly payments schedule that is created in consultation with a your advisor is based on your income, living expenses and family size.
It prevents your creditors from taking legal actions to seize assets or garnishee wages.
Money Problems?
About Bankruptcy
Bankruptcy Basics the FAQs
What is a Bankruptcy Trustee
Make a Consumer Proposal
Wipe Out Most of Your Debts
Personal Bankruptcy
The best way to get detailed information about bankruptcy law , also known as insolvency law or filing an assignment in bankruptcy or a proposal is to contact a bankruptcy trustee and discuss your options .
There is usually no cost for this and there is no obligation to proceed with bankruptcy.
Credit Counselling Services
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 of monthly payments to pay off your debts.
