There are Government programs that will take care of my debt for me.

Reality: The Government will not bail you out.

Unfortunately, this statement is common (especially on the Internet), but is ultimately misleading. With all the news of bailouts of businesses over the last few years, it's not unreasonable for people to assume and hope that the government will come to their aid when personal debts seem insurmountable. The Government does not and will not ever cover your debts for you. The fact is the "Government Programs" you've read about are nothing more than the laws that currently exist to help people opt into Consumer Proposals or Bankruptcy. The Office of the Superintendent in Bankruptcy (OSB) has created options for those dealing with crushing debt. However, when all is said and done, these programs simply provide individuals with a legal means of repaying their debts while still being able to carry on with their lives without losing everything.

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