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Bankruptcy Alternatives

Bankruptcy Alternatives


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​​Consumer Proposal

With a consumer proposal, you’ll work with a Licensed Trustee to put together a formal agreement that will pay your unsecured creditors a percentage of what you owe over a set period of time. You will combine your various debts into one monthly payment, which may be significantly less than what you currently owe.

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​​Orderly Payment of Debts

You’ll file an application for a Consolidation Order to combine your payments to unsecured creditors into one single payment that's distributed through the courts. This option is only available in Alberta and Quebec.

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​​Debt Consolidation

You'll combine all debts into one loan with a fixed interest rate and make a single monthly payment to your financial institution.

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​​Credit Counselling

You'll team up with a third party organization to explore your current debt situation and have a credit counsellor negotiate with creditors on your behalf for a more flexible, realistic repayment plan.

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​​Informal Debt Settlement

You'll work directly with each creditor on creating a more flexible, realistic repayment plan.

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​​Other Options

There are a number of other short-term debt solutions, however there are some key considerations you must take into account before pursuing them. If you find you are relying on any of these solutions and aren’t able to completely eliminate your debt, it may be time to investigate one of our Life-Changing Debt Solutions.

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