Bankruptcy Alternatives in Calgary, Alberta

If you are having financial problems, but you do not want to file for personal bankruptcy, there are a number of bankruptcy alternatives in Calgary that can be explored first. The two examples listed below are the most commonly opted for alternatives to bankruptcy in Calgary, Alberta.

1. Consumer Proposal (also known as Proposal to Creditors) has become increasingly more popular as a bankruptcy alternative in the past couple of years. We believe this is largely because people are more comfortable paying a portion of their debts, and because in a proposal they know exactly what their monthly payments will be.
   
   Consumer proposal can be a good alternative to bankruptcy because it allows you to pay back your debt over a certain period of time, and your assets will not be liquidated. Ideal candidates are those who have a stable income, and who have debts in excess of $10,000. For more details on how consumer proposals work please visit our Consumer Proposals page.
   
   
2. Orderly Payment of Debts (OPD) is another popular alternative to bankruptcy in Calgary.
   
   An OPD is a bit like a consumer proposal in that it allows you to pay back your debts over an extended period of time. However, Orderly Payment of Debts does not allow you to freeze interest, or negotiate to only pay a portion of the debt.
   
   Advantages include: assistance from a counselor, budgeting and credit workshops are available, payment is based on your ability to pay, and you can learn to rebuild good credit.
   
   This is only a general definition of Orderly Payment of Debts. For a more detailed explanation please visit the Orderly Payment of Debts page on our site.

As explained above, these are the two most popular bankruptcy alternatives in Calgary; however, there is a number of other good options to choose from. For information on other available alternatives to bankruptcy please contact our Calgary bankruptcy trustees today and arrange for an initial consultation free of charge. They will analyze your financial situation, and assist you with choosing the option that is right for you and your family.