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Qualifications for debt consolidation
In Quebec, the qualifications for debt consolidation are similar to the qualifications for loans. You will need to show proof that you can manage the payments. If you cannot, debt consolidation will be all for nothing--you will just shell out more money because of the cumulative cost of the extended payment period. You also need to present your monthly budget plus your proof of salary. For secured loans, you will also need something to act as collateral, such as your house or your car. Notice that in debt consolidation, you basically have the same requirements as in applying for a loan. The only difference, probably, is that you have to show how you can manage the payments better, especially if you have to pay numerous creditors.
Exempted assets
If you do not go through debt consolidation, the only other way out is bankruptcy, unless you can figure out a way to pay off your debts on your own. Debt consolidation is a better way to manage your payments so that you can avoid losing your assets. If debt consolidation does not work out, however, rest assured that you will retain some of your personal belongings and other stuff you will need to start anew when filing for bankruptcy. These include $6,000 worth of household furniture as well as the equipment you use for work. If you are disabled, you will retain all the items that support your disability.
If you have all the qualifications needed for debt consolidation in Quebec, you may be able to retain everything and be able to repay every cent of debt you have.
