The British Columbia Association of Credit Counselors (a non-profit organization) provides a bankruptcy alternative called a Debt Management Plan. Below is a list of key information:
Debt management plans are designed for people who have the capability to pay back their debts but need help bargaining with creditors for more time to do so.
Debt management plans are best suited to those who have less than five creditors, and who have less than $5,000 in debt.
Debt management plans provide a maximum pay back period of four years.
Interest relief is a possibility.
Creditors may forgive some debts.
Debt management plans are voluntary agreements between you and your creditors, and are not legally binding.
Including all creditors is not mandatory.
Wage garnishments will not be automatically end. Your creditors must agree to end them.
If you are thinking about filing a debt management plan, please contact us today. Our licensed bankruptcy trustees in Abbotsford, British Columbia can analyze your situation with you, and ensure that you are making the best decision.
If you're having financial difficulties and live in the Abbotsford area, call (604)-864-5799 today to meet with one of our experts, or complete the ask a question form to send us a message and we'll get in contact with you.
www.bankruptcy-abbotsford.com, sponsored by Sands & Associates – call us today at 1-604-864-5799
