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Alternatives to Bankruptcy

I can't pay my bills ... What are my Thunder Bay bankruptcy alternatives?

At some point in their life, everyone is faced with financial problems and can't pay their bills. It doesn't matter how much you owe, or even who you owe — if you haven't got enough money, someone is not going to get paid when you can't pay all your bills.

If it's a short-term problem, you can probably weather the storm, but if it goes on month after month, sooner or later you're going to face some hard choices.

What happens if I don't pay my bills?

Depending on your general payment history, your creditors (the people to whom you owe money) may allow you to miss a single payment and their response will be a letter politely requesting payment. If you miss a second payment, the letter will be more insistent and it might be followed by a phone call. It's when you miss the third payment that trouble typically begins. In most cases, your account will be turned over to a Collection Agency for processing.

What are my alternatives when I can't pay my bills?

If you are having problems paying your bills, here are some alternatives:

  • Create a proper budget.

  • Use your budget to determine if you can increase your income or reduce your expenses each month. In other words, perform budget analysis

  • Repair your credit

  • Consider debt consolidation

  • Consider credit counseling

  • Consider a debt management plan

  • Make a consumer proposal to your creditors

  • Consider bankruptcy

What do I do now?

The purpose of this page was to make you aware of the alternatives that are available to persons, like you, who are experiencing financial difficulty and can't pay their bills.

Contact us in Thunder Bay or NW Ontario for more advice on bankruptcy and other alternatives.


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