I Don't Have Enough Money to Pay My Debts: Difference between revisions

#If the creditors won’t agree, see if you can get a ''consolidation loan'' from your bank or credit union to put all the debts together at a lower interest rate than you are now paying. Seek the assistance of a not-for-profit credit counselling agency that can assist you in planning and applying for such a loan. See [[Credit Counselling Society of BC]] in the [[Resource List for Legal Help for British Columbians|Resource List]].

#If you cannot negotiate a repayment plan or arrange a consolidation loan, you should speak with a credit counsellor about some of the options under the ''Bankruptcy and Insolvency Act'', including ''proposals'' and ''bankruptcy''.

If you pursue a formal proposal or bankruptcy itself, you must have a trustee in bankruptcy to assist you. Try the Yellow Pages of your phone book under "bankruptcy" or see [[Bankruptcy BC]] in the [[Resource List for Legal Help for British Columbians|Resource List]] for <span class="noglossary">contact</span> information for trustees in bankruptcy. Most of your creditors <span class="noglossary">will</span> have to agree to a formal proposal. In a bankruptcy, your assets (except for necessities like clothing, medical aids, furniture, appliances, work tools, an inexpensive vehicle and sometimes your <span class="noglossary">residence</span>) are turned over to your trustee, who <span class="noglossary">will</span> use them to pay off some of your debts. Once you are "discharged" from bankruptcy (usually after nine months) the bankruptcy debts <span class="noglossary">will</span> be cancelled. It <span class="noglossary">will</span> take some time after the bankruptcy for you to re-establish your credit.