No one intends to have debt take over their life, but there can reach a point where you have too much debt.
It becomes difficult to manage your payments, especially when you have other expenses to take care of.
Having a lot of debt can cause you a lot of stress and make you feel like you’re never going to be able to get out of it.
It’s difficult to picture a debt-free future, and you might wish you could go back in time and undo your debt.
While you can’t turn back the clock, you can start over, with a range of debt relief solutions to choose from.
When you have too much debt, you have a variety of ways you can start over.
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There are several options that you can explore if you want to start paying off your debts or if you want to try and eliminate your debts.
When you only have small debts, paying them off is a lot easier.
You can see the end ahead of you, with a clear path to when your debts will be paid off.
But when your debts are larger, it might feel like you’re never going to be able to pay them.
If your debts seem like too much, finding ways to make them more manageable will help you to see a brighter future.
Some of the ways you might rearrange your debt or even begin to reduce it include debt consolidation and debt management plans.
Debt consolidation allows you to turn your debts into a single monthly payment, which can help you to save on interest payments too.
A debt management program gives you a clear plan to help you pay your debts.
It can also help you save money through freezing or lowering interest rates.
Some people who are struggling with debt want to wipe the slate clean and start again.
Using bankruptcy or a consumer proposal, which offers an alternative to bankruptcy.
Both of these insolvency procedures allow you to eliminate your debts and start fresh.
However, they are options that you should consider once you have reviewed all of the other possibilities for dealing with your debt.
Bankruptcy and consumer proposals can help you, but they remain on your credit report for a number of years.
They affect your future ability to borrow too.
If you have a large amount of debt, you can start over by filing bankruptcy or a consumer proposal.
You will make payments to your trustee each month and might need to make surplus income payments too.
You are allowed to keep some of your assets in bankruptcy, whereas a consumer proposal can allow you to keep all of your assets.
You could receive a bankruptcy discharge in as little as nine months, depending on if it is your first bankruptcy and whether you need to pay surplus income payments.
Starting over when you have too much debt is possible.
You have a range of possibilities to explore to find the right path to take.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
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?
