I am having money problems. Should I file for bankruptcy?

1. Get advice about your financial situation

There are a few different places that you can go to get financial advice.

Non-profit credit counsellors

Non-profit counsellors will usually give you a free appointment to discuss ways to manage your debt. For example, counsellors can:

  • help you understand how you got into debt
  • explain ways to get out of debt
  • show you how to make a
  • negotiate with your creditors to lower your debt
  • make a debt repayment plan

Non-profit credit counsellors can't help you file for bankruptcy or file a consumer proposal. But they can help you decide if you should talk to a about those options.

You usually have to pay a fee if you work with a non-profit credit counsellor. If you can't afford to pay for their services, they might help you for a lower fee or no fee at all.

To find a non-profit service near you, you can contact:

Counsellors who are members of these associations have to follow certain rules of conduct. This can help protect you.

Financial advisors

A financial advisor at a bank can help you make a plan to pay off your . An advisor can also help you get a .

With a consolidation loan, the bank lends you the total amount you owe so that you can pay off your other debts. You then have only one payment to manage.

You usually have to have a good , a high income, or a to the loan. You can usually speak to a financial advisor at your bank for free.

A financial advisor can't help you file for  or file a .

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