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Alternatives to bankruptcy

File a consumer proposal:   A Consumer Proposal may be one of the best alternatives to bankruptcy.  In most instances you do not pay the full amount of your debt back, your credit rating is not affected as badly, and your monthly payments will be easier to manage.

Do nothing:   If you are without an income, and do not own assets, doing nothing may be an effective option for a period of time.   Your creditors are not able to garnish income that you do not have, nor can they take assets if you do not own any.   This option doesn’t solve your debt problems, but it also costs you nothing.

Obtain a consolidation loan:   If your credit rating hasn’t started to suffer, you may choose a consolidation loan and use the money to repay your debts.  Obviously this does not lower your debts, as you are only trading one debt for another, but if you can borrow at a lower interest rate it may be a worthwhile option.

Everyone’s financial situation is different, and no one option is right for everyone, contact Hardie & Kelly Inc. to explore your options, and make a decision that will best suit your needs.