Yes. Once your finances have been reviewed by your licensed insolvency trustee, it is quite possible that there are solutions other than bankruptcy. They may include:
- A consumer proposal
- A debt consolidation loan
- Debt management through credit counselling
- Changes in spending along with a temporary part-time job.
Frequently Asked Questions
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- What is bankruptcy in Canada?
- Will bankruptcy wipe out all my debts?
- Will bankruptcy stop my creditors harassing me?
- What are the advantages of bankruptcy?
- What are the disadvantages of bankruptcy?
- What is the difference between a consumer proposal and bankruptcy?
- What causes bankruptcy?
- What is a licensed insolvency trustee?
- Can I choose my own licensed insolvency trustee?
- Does the licensed insolvency trustee work for me?
- Will the licensed insolvency trusteecome to my house?
- Are my tax debts forgiven in bankruptcy?
- Are tax debts different from other debts during bankruptcy?
- Why did my licensed insolvency trustee tell me to file all outstanding tax returns?
- How long does bankruptcy last?
- What is Chapter 7 bankruptcy?
- What is Chapter 13 bankruptcy?
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- What are my responsibilities if I go bankrupt?
- Am I eligible to file for bankruptcy?
- I have filed for bankruptcy, but why am I still getting calls and letters from collection agencies?
- When should I declare bankruptcy?
- Does it cost anything to declare bankruptcy?
- Should I feel bad that I declared bankruptcy?
- Do I have to list all my debts when filing for bankruptcy?
- What is required of me during bankruptcy?
- Why does my licensed insolvency trustee require me to fill out a budget?
- How do I make a budget for my bankruptcy assessment?
- Why does my licensed insolvency trustee need a monthly financial report?
- Why must I attend credit counselling in bankruptcy?
- Can you tell me about my debts and bankruptcy?
- Are there debts that I can’t get rid of during bankruptcy?
- I’m declaring bankruptcy because of taxes. Is this allowed?
- Will I still owe my student loan after bankruptcy?
- Can I keep my car during bankruptcy?
- Can I keep my RRSP during bankruptcy?
- Can I keep my home if I declare bankruptcy?
- Will I still be able to rent an apartment or home if I declare bankruptcy?
- Can I keep a credit card during bankruptcy?
- Is it okay to use a credit card if I am thinking about bankruptcy?
- Can I get a checking account after bankruptcy?
- If I’m married and I file for bankruptcy, does it affect my spouse’s credit?
- If I file for bankruptcy, will it be noted on my spouse’s credit file?
- Will filing for bankruptcy affect my job situation?
- Who will find out about my bankruptcy?
- Can I get utility services (telephone, cable, hydro, gas, etc.) after bankruptcy?
- Can I keep any money if I declare bankruptcy?
- Can I go to jail for not paying my debts?
- What happens if I live in both Canada and the U.S. and declare bankruptcy?
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- Are there alternatives to bankruptcy?
- Can I avoid bankruptcy by changing my spending?
- What is the difference between a consumer proposal and a consolidation loan?
- Is a consumer proposal a better solution than a debt management plan?
- I can’t afford to pay back my student loan and it’s been less than seven years since I left school-what are my options?
- I co-signed on a loan for someone who declared bankruptcy. What happens now?
- If my spouse declares bankruptcy and I am listed on their credit cards, am I responsible for the debt?
- I am divorced and my ex has declared bankruptcy. Do I still owe for debts and credit cards that I co-signed with my spouse?
- What is surplus income?
- What are unsecured debts?
- What is a secured debt?
- The collection agency is threatening to take me to court: can they do that?
- What happens if a collection agency takes me to court?
- I am behind on my debt payments; can a collection agency take my furniture, electronics, clothes, etc.?
- I am being harassed by a collection agency: what can I do?
- How do I find out if someone is bankrupt?
- Can I stop a wage garnishment?