Current as of


Credit Problems?


CanLaw guide to the law on money problems shows you many ways to end them legally

Help Yourself Now

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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  • If you recognize yourself here, you need financial counselling and assistance
  • Are you constantly receiving past-due notices on charges or bills?
  • Are you borrowing money between pay cheques?
  • Are you taking out new loans to pay off old ones?
  • Are you behind in rent or mortgage payments?
  • Are you frequently relying on automatic overdraft protection on your chequing Account?
  • Are you using credit to meet monthly necessities?
  • Are you only making minimum monthly payments on credit card accounts?
  • Are you fully drawn on your credit facilities and unable to meet monthly payments, or pay down principal?
  • Are you being sued by any of your creditors?
  • Are your wages being garnisheed?
  • Do you and members of your household frequently argue about money?
  • Do you frequently worry about money and money problems?






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What To Do If You Can't Pay Your Bills

You have five basic options available:

Negotiate with your creditors

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. More . . .

Consolidation Loans

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.  More . . .

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. More . . .

Consumer Proposals

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. More . . .

Personal Bankruptcy

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. More . . .

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CanLaw Guide to the Law on Debt for the Layperson

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