If you have found yourself in deep debt and feel financially strained, it is only reasonable to hire experts who can provide you with insolvency solutions that will meet your needs for debt and financial management. Luckily, there are insolvency experts that are experienced in providing different insolvency solutions for different kinds of clients. They are able to closely look at your situation and provide you with viable solutions to get you out of your debt and financial hardships.
Licensed Insolvency Trustees in Ottawa
If you are looking for a reliable insolvency trustee in Ottawa to help you get out of your financial quagmire, you will find firms that can help. These firms have licensed insolvency experts that are well-versed with different insolvency solutions. Whether you need a debt consolidation loan in order to reduce the number of debts you are required to pay or you want to file for bankruptcy, these experts can reliably guide you through the process. Some of their main areas of specialization include:
1. Personal Bankruptcy
If you are not able to pay your unsecured debt, filing for personal bankruptcy can provide you with financial relief. If this is the only viable option to help you get out of debt and financial trouble, the bankruptcy trustee can help with the filing process and ultimately notify your creditors. In this case, your non-exempt assets may be collected and sold to pay your creditors. Moreover, you will also be expected to inform the trustee about your monthly income. They may demand that you submit the surplus income to them for distribution to the creditors.
2. Debt Consolidation
This is a process that involves the acquisition of a special type of loan that allows you to repay different creditors at once. This will ensure that you pay a much lower interest rate on the combined debt. Moreover, the option allows you to make only one monthly payment, rather than making numerous payments on different days, which reduces your overall chances of defaulting. Ideally, your debt consolidation loan may be approved if you have:
a) A steady stream of income
b) Reasonable levels of monthly expenses in comparison to your monthly income
c) An acceptable credit rating
d) Assets or an asset that you can pledge to reduce the risk to the lender in case you default.
- Consumer Proposals
This is a legal procedure that allows you to compromise your debt owing to resolve your financial obligations. Once the proposal is accepted, its terms and conditions will become legally binding. If you have opted to file for a consumer proposal, the Licensed Insolvency Trustee can help you to develop a comprehensive proposal that requires you as the debtor to pay part of what you owe your creditors. The proposal may also recommend an extension of the repayment period.
The insolvency trustees can also provide you with a range of other services, such as credit counseling, debt assist, corporate proposals, corporate insolvency solutions, as well as corporate restructuring. Moreover, these experts are quite friendly and will work hand-in-hand with you in order to provide you with solutions that will get you out of debt and restore your financial stability. Whether you need reliable debt consolidation, or want a licensed insolvency trustee in Ottawa to help you file for bankruptcy, these firms can help.
