I can't pay my bills...What are my Alternatives to Bankruptcy in Ontario?

If you owe more money than you can afford to repay, there are a number of alternatives. The most obvious alternative is to cut your expenses and try to repay your debts on your own.

What happens if I don't pay my bills?

If you miss a payment on your credit card one month, you will probably get a friendly reminder at the bottom of your next statement asking you to pay your bill. If you miss more than one payment, you will start getting telephone calls, collection letters, and perhaps even have your account turned over to a collection agent. Obviously you want to explore solutions before that happens.

What are my bankruptcy alternatives when I can't pay my bills?

If you are having problems paying your bills, here are some alternatives to bankruptcy:

	Create a proper budget.
	Use your budget to determine if you can increase your income or reduce your expenses each month. In other words, perform budget analysis
	Repair your credit
	Consider getting a debt consolidation loan
	Consider credit counselling
	Consider a debt management plan
	Make a consumer proposal to your creditors
	Consider bankruptcy

What do I do now?

Debt problems do not usually go away on their own. If you are getting behind on your bills, you need to take action now .

If you are experiencing money and other financial problems and can't pay your bills, we recommend that you contact a nearby expert to discuss your specific situation. All consultations are provided free of charge.

Don't put off peace of mind - contact us today to arrange a free consultation and begin the process of getting back on track financially.