1-855-514-9358Assessing Your Alternatives To Bankruptcy
No one ever wants to declare bankruptcy in Ontario. However, if you are being threatened by collection agents, and if you worry about a wage garnishment, you need to review your options. Bankruptcy is an option, but there are a number of bankruptcy alternatives. The right solution for you depends on your personal circumstances and the severity of your debts.
Consumer Proposals
If you:
- Are unable to repay your debts in full
- Owe less than $250,000 (not including your mortgage)
- Have a stable source of income
- Need creditor protection
- Need to keep your assets
Debt Management Plans
If you:
- Can repay your debts in full
- Owe less than $15,000
- Have only a few credit card debts
- Need relief from interest and penalties
- Need budgeting help
Debt Consolidation Loans
If you:
- Can repay your debts in full
- Need to lower your monthly payment
- Have reasonably good credit
- Have a stable source of income
- Have collateral to offer for security
Pay It On Your Own
If you:
- Have only a few small debts
- Can repay your debt on your own within a reasonable period
- Can develop a budget to find expense savings
You may be able to develop a repayment plan on your own to eliminate your debt. If you fall behind on your payments, you should consider one of the other three options.