Thousands of Canadians file for bankruptcy every year, and as the economic crises gathers speed, this number of bankrupt individuals and businesses is bound to increase substantially. The unprecedented rise in debt (credit card debt, mortgage debt, auto loans, student loans, payday loans) carried by Canadians in the last several years, has had a heavy toll on countless Canadian households, driving many into bankruptcy and leaving more on the edge searching for solutions to avoid the worst.
DebtBankruptcy.ca is a bankruptcy educational resource for Canadians, meant to help understand how does bankruptcy in Canada work. The site explains what are consumer proposal, debt settlement and debt consolidation, and how they are viable alternatives to bankruptcy. You can also learn what is the role of the bankruptcy trustee in the bankruptcy process, and what is the cost of bankruptcy in Canada.
For Canadians with severe credit problems or already affected by bankruptcy, it might be useful to learn how to deal with debt collection agencies, how to take advantage of credit counseling, and if credit repair is a practical solution for their problems. Those with poor credit in need of a loan, may consider getting a bad credit loan, and in extreme cases a payday loan. You can learn what is a Power of Sale (POS), our Canadian equivalent of the US term foreclosure.