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.
• Dealing with Debt: A Consumer's Guide , from the Office of the Superintendent of Bankruptcy Canada, may help you decide whether or not you have a serious debt problem. It also gives some suggestions for solving your money problems.
• 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, "Getting Out of 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

tags

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