Make a plan to pay off your debt
When you first meet with a debt settlement business, counsellor or , bring a list of all your bills and . Make sure you include things like:
- mortgages
- car loans
- student loans
- credit card debts
- lines of credit
- loans to family
- bills you pay month-to-month, like phone, internet, and hydro
- taxes owed
- any other money you owe
You should also bring information about your income and living expenses. This information should include:
- the amount of money you have in a bank account or elsewhere
- your living expenses, like food, child care, and travel to work
- your income
- your that can be sold to pay your debts
Bring your bank statements for the last 3 months. Those statements will help the credit counsellor, debt settlement business, or trustee to understand your financial situation.
A credit counsellor will help you think about a plan to repay your debt. If you cannot repay your debt, a trustee or a credit counsellor can help you decide if a or option will work better for you.
A credit counsellor can help you make a debt repayment plan but they cannot file a consumer proposal or bankruptcy. Only a Licensed Insolvency Trustee can file a consumer proposal or bankruptcy.
