1) Dig yourself out of debt through better money management and debt consolidation loans.
This can be difficult due to fees, interest and penalties. Also many financial institutions are reluctant to give loans to individuals with a poor history of payment issues.
2) Go to a debt fixer.
Often this just results in you paying unnecessary fees to the debt fixer without actually eliminating any of your debt.
3) Reach out to Credit Counselling Society
They are a non-profit organization that provides budgeting assistance, money management education and debt repayment programs for Canadian consumers.
4) File a Consumer proposals.
You may reduce the amount of debt you owe, you will get more time to pay it off, stop interest charges, keep your assets and more.
5) Declare bankruptcy.
Eliminate most (if not all) of your debt, protection from creditors, unfreeze frozen bank accounts, stop wage garnishment, stop lawsuits related to the debt.
Filing a consumer proposal and declaring bankruptcy can only be administered by a licensed insolvency trustee. For a free consultation to discuss the best option for you, contact us today.