The Best Bankruptcy Alternatives Edmonton Residents Can Find

Although declaring personal bankruptcy anywhere in Canada eliminates virtually all unsecured debt, few Canadians think of bankruptcy as their first choice for dealing with debts they can no longer manage.  When considering bankruptcy alternatives Edmonton residents, like Canadians from coast to coast, are often attracted by the advertisements they see or hear promising to reduce debt by as much as 50 to 70% without bankruptcy.

There are several reasons these debt solution programs are significantly less than the best bankruptcy alternatives Edmonton residents can find.

The first is the lack of legal protection.  Creditor acceptance of these programs is voluntary.  There is nothing to prevent any of your unsecured creditors from initiating legal collection activity against you even if you are successfully completing the program.

The second is the cost of the program.  The numbers you hear quoted in those ads do not include the commissions charged by the debt solution provider and their many other fees.  You pay monthly maintenance fees and an initiation fee, as well as commissions as high as 30% on the amount of debt reduction they negotiate.  If you owe $10,000 on one of your credit cards and they negotiate a settlement of $3,000 they will charge you a 20% to 30% commission on the $7,000 debt reduction.

To learn about the best bankruptcy alternatives, Edmonton residents should take advantage of the free initial consultaRead more >>