When you are burdened with overwhelming debt and looking for help, it can seem like there are too many options to choose from. Do I call a non-profit credit counselling agency? What about a bankruptcy trustee? Should I file a consumer proposal or call my creditors? The options seem overwhelming and endless.
While you just want to get help fast, the decision you make can have a significant impact. And not only now, but into the future. There are a few facts to consider before making any decisions.
Filing Bankruptcy or a Consumer Proposal in Canada is a Public Process
Aside from just getting out of debt, personal privacy should be at the top of your list.
If you declare bankruptcy or file a consumer proposal in Canada, your name is added to a database compiled by the Office of the Superintendent of Bankruptcy, Industry Canada. For $8, anyone can search your name on a government website to see if you have declared bankruptcy or filed a consumer proposal in Canada.
In the future, should you apply for an important job, seek a prominent position in an organization, run for public office, have a nosy neighbour or a jealous colleague, your name is searchable on this database. While bankruptcy or a consumer proposal might seem like the only option now, one day you will be debt free. And you will want to live your life like someone who is debt free. Not held back because you needed help in your past.
Real, Private Help Through Not-for-Profit Credit Counselling
Sometimes bankruptcy or a consumer proposal may be your only option. No one plans to have debt problems. These options are available to you to deal with your situation if it is the best course of action for you. But it is also important to know how your decisions today will affect you for the rest of your life.
If you are facing a serious debt problem, call one of our member agencies today. They will offer you free, private, non-judgemental guidance from an accredited credit counsellor on the best way for you to deal with your debts. Let us help you find the right solution for your situation. You have got nothing to lose by calling- except your debt.