Debt and Bankruptcy Solutions Offered in Canada

Debt and Bankruptcy Solutions Offered in Canada

Debt and financial difficulties have a way of paralyzing every aspect of your life, making it almost impossible for you to continue with your normal day-to-day endeavors. This is because you will constantly have to worry about your creditors’ calls, your wages being garnished, constant court orders and your property getting seized. If you have been caught up in the web of debt and need to set yourself free, then you must seek professional assistance.

Debt and Bankruptcy Solutions Offered in Canada

One good thing is that there are firms in Canada that are known to specialize in helping organizations, businesses and even individuals that are caught up and are unable to get out of their financial and insolvency problems. These firms have professional financial experts as well as credit counsellors that will work with you hand-in-hand until your debt and financial problems are completely resolved. They typically specialize in:

  1. Consumer Proposals

If you are saddled by huge consumer debts and are having a hard time paying all your credit card and other debts, you should consider drafting a consumer proposal instead of quickly rushing to file for bankruptcy, which could in turn damage your credit score. A consumer proposal can simply be termed as a legal procedure that is usually facilitated by a licensed insolvency trustee and it normally involves restructuring of the debt repayment period or an agreement to pay a fraction of whatever is owed while the rest is forfeited or in some cases, both. This option will enable you to retain most of your assets while things such as wage garnishments, law suits and creditor calls will cease once it has taken effect.

  1. Credit Counselling in Ottawa

Re-establishing your credit just after high-debt, delinquent payments or even bankruptcy may seem to be quite a challenge, especially if you lack the right professional assistance. The solutions may vary depending on your current budget and lifestyle. These firms have well-experienced credit counsellors that usually employ time-tested methods to help you out of your debt problems and ensure that you have a good financial standing both now and in the future. They can help you make a realistic budget and recommend straight forward steps you can take in order to obtain the best results.

  1. Managing Corporate Restructuring

Corporate restructuring is a process that involves reorganizing the operations and/or the finances of a company to find relief from financial constraints, re-strategize and get back on your path towards profitability. The restructuring may be in the form of:

  1. a) Financial Restructuring: This involves the increasing of your businesses’ capital, which could provide relief in case of bankruptcy.
  2. B) Operational Restructuring: This involves making significant changes in how your company is run. This may involve acquisition, merging or cutting the areas that are not profitable to the business.

The experts at these firms have also specialized in personal bankruptcy, debt assist, debt consolidation, corporate insolvency, as well as corporate proposals. Moreover, these experts usually adhere to the highest standards of ethics and privacy protection. Whether you are in need of professional credit counselling, or you are simply looking for experts with experience in the drafting and implementation of consumer proposals, these firms can help.

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