Saskatchewan Bankruptcy Alternatives & Options

Bankruptcy Alternatives in Saskatchewan, SK

When people realise they are struggling to keep up their debt payments, they often immediately think of bankruptcy.

Bankruptcy is certainly not the end of the world and can be the right step to take for some, but there are other options that should be explored.

Having too much debt can be overwhelming, both mentally and physically.

By researching your alternatives and options now, you won’t be forced to make a snap (and potentially the wrong) decision later on.

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More About Bankruptcy

Many people mistakenly believe that the slate will be wiped clean when they file for bankruptcy, and that they won’t have any outstanding debts to pay.

This is not the case.

You will still have money to pay and you will still have duties to fulfill, so it’s not as simple as taking a magic eraser and getting rid of all of your debts once and for all.


Bankruptcy will get rid of many of your debts, but not all will be included.

Those that are not included will still need to be paid.

This will be arranged with a Licensed Insolvency Trustee who will also be able to advise you.

Some of the debts excluded from bankruptcy include:


  • Your car, loan, mortgage, and other secured debts;
  • A student loan that is less than 7 years old;
  • Child support payments that are not up to date;
  • Alimony payments that are not up to date.


If you still owe certain creditors money, then they may ask that you pay more before filing for bankruptcy.

Important procedures will also be in place, as they ensure that the bankruptcy is carried out fairly with every party in mind and not just you.

They also help to ensure that you can avoid financial difficulty again in the future.

It could take 9 months to complete the filing process from start to finish, and you may be required to attend regular credit counselling sessions to learn more about your finances and how you may have ended up in this situation.

These sessions enable you to move forward with a healthier attitude towards money so that you don’t need to worry about getting into debt again.

There may also be costs and fees that you need to pay to the trustee.

Paying extra to your creditors will delay the process, although it will depend on your circumstances.

Some people may be able to keep certain assets when they file for bankruptcy, but if you have assets deemed more valuable than what you are allowed to keep, they will be sold on.

For example, you may be able to keep one car worth up to a set amount, but may have to surrender a second car to be sold.

This is why many people prefer to first look into their other options before deciding on bankruptcy, as they allow them to keep their assets while paying off their debts.

This is usually the most ideal situation for the creditor and creditee.

Your Bankruptcy Alternatives & Options in Saskatchewan

There are a few alternatives to bankruptcy that may work for you.

One option alone may not be best for you, and you may need to opt for multiple solutions to work in tandem instead.

A combination of options is possible, and Bankruptcy Canada can discuss this with you upon assessment of your financial situation.

We will always ensure that you are happy with the situation before going ahead, and you won’t be pressured into anything you don’t feel is right for you.


Here are a few options to consider:


  • Consolidation loansa consolidation loan is a loan you take out and use to pay off all of your current outstanding loans (apart from secured loans, like your mortgage). You then have one monthly payment each month, rather than several. This can often help to save thousands in interest, and many people find it less stressful. It also helps to stop collection calls immediately and the dread associated with store cards, credit card debt, and any other debts you have.
  • Debt repayment programs – this is a program set up through a credit counselling agency. It is designed to show your creditors that you are serious about repaying what you owe.
  • Debt settlement – in some cases, your financial situation may only allow you to pay back your debts partially. You may be able to appease your creditors and pay back your debt partially with a debt settlement, but this requires a lump sum. This could be easier than you think with a plan in place, however impossible this may seem at first. Your creditors may accept just 50% of what you owe in the form of a lump sum, and some may even accept 20% if the debt is old. You will stop collection calls and will have cleared your debts.
  • Consumer proposala consumer proposal is Canada’s number 1 alternative to bankruptcy as it allows those in debt to pay off what they owe without losing their assets or declaring themselves bankrupt. A trustee will be able to help you arrange one and set up monthly payments. The payment amount will be affordable for you and all of your debts will be covered.


The solution that is best for you depends entirely upon your unique situation.

If you leave it too long to explore your options in more detail, you may become so overwhelmed with your collection calls and debts that you make the wrong decision.

By getting in touch with Bankruptcy Canada today, you can begin to explore your options in more detail and take the right steps to move forward.

Bankruptcy Canada will assess your financial situation in Saskatchewan without judgement and ensure you understand all of your options before coming up with a plan.

Is A Consumer Proposal The Right Option For You?

Many people find that a consumer proposal is the best alternative to bankruptcy.

It’s an ideal solution for those who would like to come up with a solid plan to repay their debts in Saskatchewan and keep assets such as their home and car.

Of course there are both pros and cons to this solution, as with any other solution, but it is the number 1 alternative in Canada for a reason.

There are several benefits of a consumer proposal:


  • You get a negotiated debt settlement that suits your financial situation;
  • Repay just a portion of your total debts and not the entire amount;
  • You will arrange one monthly payment that is designed to ensure you have paid everything in 5 years;
  • Your interest will be frozen upon filing the proposal;
  • The proposal is legally binding to you and creditors.


The difference with bankruptcy is that as you begin to earn more, you must pay more.

However, a consumer proposal is frozen so that no matter what happens to your situation, you pay the same amount each month.

The payment is fixed and never increases, and you get to keep your assets, have creditor protection, and lower monthly payments.

Bankruptcy is not the end of the world, and there is life after taking this step.

However, that doesn’t make it the right solution for you.

By opting for a consumer proposal instead, you could pay off a portion of your debts and begin living a happier, healthier life with no money troubles in just 5 years time.

How Bankruptcy Canada Can Help in Saskatchewan

Bankruptcy Canada has been active for over 20 years, helping people in Saskatchewan and the surrounding areas to overcome their money troubles and pay off their debts once and for all.

We are fully accredited and licensed and can give professional advice to people from all walks of life.


We can:


  • Assess your financial situation without judgement;
  • Provide a detailed financial plan with action steps to help you reach your goals and stay out of debt for good;
  • Provide financial education/credit counselling sessions;
  • Create a consumer proposal alongside you;
  • Help you to declare bankruptcy.


Get In Touch With Bankruptcy Canada For Debt Relief In Saskatchewan

If you need debt relief in Saskatchewan, get in touch with Bankruptcy Canada today.

The sooner you take action to clear your debt, the better you will feel.

A consumer proposal could help you to enjoy a fresh start in just 5 years.

Giving up your assets may sound like a nightmare, but with bankruptcy, you have no choice.

A consumer proposal gives you more choice, making it the best alternative in Canada.

If you would like some helpful advice on how to create a consumer proposal, or would like to understand more about the options available to you, get in touch with the Bankruptcy Canada team.

We can help you to assess your financial situation and find the ideal solution to your debt troubles.

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

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