By Payday Mart | August 05, 2020 Top 5 Best Ways To Avoid Bankruptcy In Canada

Filling a bankruptcy in Canada is the last option for most of the Canadians. But there are some options that can be used to avoid bankruptcy in Canada. Here we mentioned below:

  1. Try to fulfill your debts on your own by doing a second job (Part Time) or cut-off your expenses.
  2. Debt consolidation is the best option if you have a good credit rating, or your family member or a friend is ready to co-sign the debt consolidation loan.
  3. If your pending debts are old enough, a debt settlement may be an excellent option. Debt settlement offers you to pay much less than your full loan amount to creditors.
  4. If you don’t borrow much money, credit counseling or a debt settlement agency is the best option for you. These non-profit credit counselors will contact your existing creditors and work to make a good plan for you to repay your debts in full at less or even 0% interest rate.
  5. Another way to avoid bankruptcy is a consumer proposal option. In a consumer proposal, your proposal administrator organized a payment plan in which you have to pay back your debts portion, generally one third or half of your loan.

Eliminate Your Debt

Reducing your debt interest with the help of debt consolidation is a good option but unfortunately; it can’t eliminate your debts. Paying your credit card debts is great, but not good when you are left with unsettles debts.

You are facing debt problem because:

  • You are spending more than you are earning;
  • You use your credit card too much;
  • You borrow money to clear of one payday to next;
  • You only pay off your monthly interest on your credit card or line of credit;
  • Utility companies (Electricity or Water supply) cut off their services because your bills are due.

If you are facing such situations in your life, then it’s time to seek help from our licensed short term loans from professional and trustworthy lenders in Canada.