While facing financial instability, the first thing to do should be to look for experts who can help you out of the turmoil. If you or your business is in such a state, you can find firms that can provide you with workable solutions for your debt or insolvency. These experts are able to offer you free consultation, which is meant to discuss your specific situation before providing you with the best debt or insolvency solution.
Debt and Bankruptcy Solutions in Canada
If you are a Canadian resident, you will find firms that are solely dedicated to solving problems of debt and insolvency. These experts will review your case and provide you with the best solution to ease all your concerns and stress. Whether you are in need of reliable credit counselling, or are searching for a renowned bankruptcy trustee in Canada, these firms can help you out. They normally offer the best services for both corporate and individual clients, which include:
1. Personal Bankruptcy Solutions
Bankruptcy is basically a formal procedure which provides financial relief for those people that are not able to pay unsecured debt. The option is aimed at giving any individual experiencing financial hardships an opportunity for a fresh start. When you choose this option, the bankruptcy trustee will not only file for bankruptcy, but also notify your creditors. The trustee may then collect and sell all of your non-exempt assets or arrange for you to be able to retain the assets.
2. Credit Counselling
If your spending habits have negatively affected your life and you are deeply concerned about your future, credit counseling could be just what you need. These license insolvency trustees can help you to:
a) Establish a more realistic budget for your monthly expenses
b) Set long-term and short-term financial goals
c) Analyze potential lifestyle changes to minimize the overall impact of your spending
d) Prepare an informal arrangement with creditors, if necessary
These experts will help you to fully understand your financial situation and ensure that you are fully in charge of it.
3. Corporate Restructuring
The financial instability of a corporate entity can be extremely challenging, especially if you have opted to reorganize your company to reestablish its stability. By restructuring your business, you will improve upon its worth and both creditors and stake holders will have evidence that the business is still valuable. However, before making such a bold decision, you should endeavour to enlist the services of professionals. The best part is, the professional teams at these firms will evaluate the state of finances for your organization and help you to reach the ideal solution. If this is through corporate restructuring, they will help you through every step of the entire process.
Other personal and corporate services that are provided by these experts include debt consolidation, debtor assist, consumer proposals, corporate proposals and corporate insolvency. The best part is that before recommending any specific solution, the bankruptcy trustee will analyze your current financial situation, present you with different options and take you through the merits and demerits of each. Through this, you will be able to choose a solution that will work for your specific situation.