Whether as an individual or a corporate entity, you may find yourself in financial difficulties which may not be so easy to get out of. In such a case, you will need to seek professional assistance from a reputable bankruptcy trustee. Ideally, bankruptcy trustees are insolvency experts that are trained in helping individuals and even corporations get out of their financial challenges and regain their financial independence.
Bankruptcy Trustees in Duncan
If you are in Duncan and are feeling overwhelmed by your financial woes, you will find renowned bankruptcy trustees that will be able to help. They are well-versed in a range of insolvency solutions and hence will provide you with the most ideal solution for your specific financial situation. Whether you need professional consumer credit counselling, want to file for bankruptcy or even draft a comprehensive consumer proposal, a reputable bankruptcy trustee in Duncan can help.
1. Corporate Bankruptcy
When a company is in deep financial trouble and all other efforts to redeem it have proved futile, the directors of that company may have no other option than to consider filing for corporate bankruptcy. Here, the trustee may be allowed to take control of the operations and assets of the company before they are liquidated, in order to pay off the creditors. Note that a company may voluntarily assign itself into bankruptcy or creditors could petition the reluctant company into bankruptcy.
2. Consumer Credit Counselling
If you are tired of juggling debt, borrowing money to get through the month, falling behind on your payments or you just feel overwhelmed by the high interest rates on your loans, these experts can provide you with very detailed credit counselling. They are committed to helping clients achieve financial independence through debt consolidation or other methods of reducing debt. They are known to offer free reviews of different debt options, which will enable you to choose an option that is best suited for your specific situation.
3. Consumer Proposals
Consumer proposals are a great alternative to bankruptcy. A consumer proposal is basically a formal arrangement with creditors where you as the debtors agrees to pay much less than the actual amount of debt you owe them. Instead of making payments directly to your creditors, you will be required to make your payments to a licensed bankruptcy trustee, who will then distribute the money to the creditors. This will help to cushion you from the constant harassment from debt collectors.
4. Personal Bankruptcy
Even if your financial woes were caused by events that you had minimal or absolutely no control over, thinking of filing for bankruptcy may not be the easiest decision to make. However, a seasoned bankruptcy trustee in Duncan will inform you of the implications of this option, present you with alternatives and even help you through the filing process.
The insolvency experts have also specialized in corporate restructuring, receiverships, and business reorganizations, among other things. Before recommending any particular option, the trustees will carefully analyze your financial situation, your income, expenditures, current debt and more. This enables them to recommend an option that will not only get you out of debt but also ensure that you have a good credit rating.