Common QuestionsI’m thinking about declaring bankruptcy
There are a number of options for dealing with debt, including:
- getting financial counselling
- using a debt management program, which involves a written agreement between you and the lender
- consolidating or refinancing your debts
- making a proposal to your creditors under Canada's bankruptcy laws
- as a last resort, declaring personal bankruptcy
Good starting points include:
- When You Can't Pay Your Debts, from the Canadian Bar Association BC Branch, outlines these and other options for dealing with debt.
- Consumed by Debt?, from the Office of the Superintendent of Bankruptcy Canada, outlines your options when you are facing a debt problem, and explains that Licenced Insolvency Trustees (LITs) are the only qualified professionals authorized to administer insolvency proceedings.
- Consumer Law and Credit/Debt Law: A Guide for British Columbia, from the Legal Services Society, has detailed information for advocates about bankruptcy.
- LSLAP Manual: Creditors' Remedies and Debtors' Assistance, from the UBC Law Students Legal Advice Program, has a section, "Dealing with Debt," that describes options for people who are experiencing difficulties with debt.
See our related common questions:
- I am being harassed by debt collectors. Are they allowed to do that?
- I’ve missed a few mortgage payments and am facing foreclosure
- See all common questions about debt
Last reviewed December 2016
- bankruptcy, debtor's rights & options, can't pay your debts, debtor's rights & options, broke, money problems