I’m having trouble managing my debts. How can I avoid bankruptcy?

Going bankrupt is a long process with serious consequences, so it represents the most drastic option for getting out of debt.

Thankfully, there are several other ways to get out of debt:

• Making a budget that helps you direct more money towards repaying your debts.

• Negotiating with your creditors, exploring options such as a lower interest rate or more time to pay.

• Consolidating your debts, combining them into a single payment, such as through a consolidation loan or a debt repayment plan.

• Negotiating a debt settlement, where you pay a lump sum amount that’s less than the full value of the debt you currently owe.

• Making a consumer proposal, a formal, legally binding process featuring an offer you make to your creditors to settle your debts.

Our page on you have options for getting out of debt explains each option as well as sources of help.