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Difference between revisions of "You Have Options for Getting Out of Debt"
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You Have Options for Getting Out of Debt (view source)
Revision as of 22:35, 28 April 2015
, 22:35, 28 April 2015→4. Apply for a consolidation order under the Bankruptcy and Insolvency Act
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===4. Apply for a consolidation order under the ''Bankruptcy and Insolvency Act''=== | ===4. Apply for a consolidation order under the ''Bankruptcy and Insolvency Act''=== | ||
If you have money available after your monthly budget costs, you could apply for a consolidation order under the orderly-payment-of-debts provisions of the Bankruptcy and Insolvency Act. This involves consolidating your debts into one payment per month, based on your ability to pay. Certain restrictions apply, and certain debts are excluded. The advantage is that creditors cannot take legal action against you unless you default on your monthly payments. But they may still be able to seize any property you used to secure the debt. A credit counselling agency or bankruptcy trustee can explain this process. | If you have money available after your monthly budget costs, you could apply for a consolidation order under the orderly-payment-of-debts provisions of the ''Bankruptcy and Insolvency Act''. This involves consolidating your debts into one payment per month, based on your ability to pay. Certain restrictions apply, and certain debts are excluded. The advantage is that creditors cannot take legal action against you unless you default on your monthly payments. But they may still be able to seize any property you used to secure the debt. A credit counselling agency or bankruptcy trustee can explain this process. | ||
===5. Make a formal proposal under the ''Bankruptcy and Insolvency Act''=== | ===5. Make a formal proposal under the ''Bankruptcy and Insolvency Act''=== | ||
