Are there options other than bankruptcy if I’m in debt?

2. Talk to your creditors

It's a good idea to contact your creditors and suggest ways to pay what you owe. You can then speak to them about:

  • making smaller payments over a longer period of time
  • delaying the time before you have to start making payments
  • reducing the debt to a smaller amount if you agree to pay it right away

You can make a deal with each separately. Even if one or more creditors don't agree, you can still make an agreement with the others. And you do not have to include all of your creditors in this process.

A non-profit counsellor can help you talk to your creditors. You must decide how much you can pay each creditor and when you can pay.

Once you have made your repayment plan, you must make your payments on time. You can either manage that payment schedule on your own or you can pay a counsellor to help you manage it. If you stick to the schedule, your usually will not get worse and your creditors should not call you and ask for money.

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