Consider Your Options

Refinance your home or apply for a loan to cover ALL of your debt.

Set up a monthly payment at a fixed interest rate.

Your debt stays the same and you may risk running up your credit card balances again.

Debt management plan consolidates unsecured debt into one monthly payment. All your creditors must agree as each card gets paid off and the account is closed. Once all your debts are paid in full, you complete the program.

R7 rating for 2 years after completion.

Personal Bankruptcy

Get out of debt in 9-21 months. Government-regulated administered through the Bankruptcy and Insolvency Act. Creditors have no control over your decision to file. Non-exempt assets are surrendered.

R9 rating for 6 years (14 years if it is your second bankruptcy).

Consumer Proposal

Pay back a portion of your debt over 5 years and keep your assets. All of your unsecured debt in one monthly payment you CAN afford. Binding all creditors if the majority of debt approves.

R7 rating for 3 years after your last payment.

“The most common means of undoing debt.”

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