Posts tagged debt options
How to Avoid Bankruptcy

Simply said, you can’t go bankrupt if you have no debt.  Bankruptcy is a relief valve for people and companies who find themselves unable to cope with overwhelming debts.  Bankruptcy is not necessarily the only option for resolving debts but the availability of other options is dependent upon individual circumstances.  Generally speaking, the sooner you identify and seek to address significant debts, the more options will be available to you.

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Is Bankruptcy My Only Option?

Bankruptcy is not the only option available to resolve the overwhelming debt.  Your trustee can also put together a settlement proposal to your creditors whereby you pay a portion of what is owed and the creditors agree to write off the remaining balance.  This process is known as a consumer proposal and it provides you with the same legal protection as a bankruptcy.

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