You have options. Bankruptcy is only a last resort. Some options include: Negotiating a payment plan with your creditors or collection agency on your own (sometimes called an informal proposal) Credit counselling Debt consolidation loan Debt Management Plan Consolidation order (also known as an Orderly Payment of Debts) Consumer proposal See the next section for more information on these options. If these options do not work, then you may have to declare bankruptcy. See below for more information on declaring bankruptcy. If you are curious about your options, you can contact a Licensed Insolvency Trustee or a qualified credit counsellor. Last Reviewed: October 2020