Desjardins Credit Union [Change site]
Corrective measures
First, your advisor should make a budget with you and take the time to go over your expenses. Those that seem high will be discussed to see if they can be decreased to a minimum. Financial reorganization is another option. For example, property could be refinanced if it has some equity.
However, if your institution agrees to help you, it may demand some rather radical measures. Clearly you will have to cut up all credit cards and close your lines of credit. The institution may also ask another party (relative or friend) who is in excellent financial standing to co-sign with you.
Bankruptcy can damage your credit rating for many years, making it difficult to get financial institutions to lend you money, even 5 to 7 years after the fact. Consequently, this option should only be considered as a last resort.
