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Common Questions

I’m thinking about declaring bankruptcy. What are my options?
Last reviewed in December 2020 by the Clicklaw Editors

When dealing with debt, you may want to explore all of your options. They include:
  • 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 People's Law School, outlines these and other options for dealing with debt.
  • Debt Help, from Credit Counselling Society, tells you about the options available to you to help manage your debt, including bankruptcy.
  • 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.

Need more help?

  • Credit Counselling, from Credit Counselling Society, provide information and free, confidential appointments with a credit counsellor in a number of locations in BC or over the phone.
  • Find more help near you on Clicklaw HelpMap.

See our related common questions:

bankruptcy, debtor's rights & options, can't pay your debts, debtor's rights & options, broke, money problems