Whether you have found yourself in financial difficulties because of a job loss, overspending, marital problems, corporate issues or investment losses, it is still possible to regain your footing by taking the right steps. Luckily, there are bankruptcy trustees that have specialized in helping people and corporate clients overcome the most challenging financial difficulties and have a complete financial turnaround.
Bankruptcy Trustees in Ottawa
If you are in Ottawa and are dealing with financial difficulties that have taken a toll on your operations and stability, you will find renowned bankruptcy trustees that can help you overcome your financial woes. Their firms are staffed with seasoned financial experts who are able to comprehensively assess your financial situation and then recommend an option that will suit you. Moreover, they also offer you reliable credit counselling, which will give you tips on how to stay out of debt. Some of the services you can expect from a reputable bankruptcy trustee in Ottawa include:
1. Personal Bankruptcy Solutions
Bankruptcy refers to a formal procedure that offers financial relief to anyone that is not able to pay his/her unsecured debt. This is intended to give them a chance for a fresh start. In case you have opted for this option, the bankruptcy trustee may then collect and liquidate your non-exempt assets and distribute the funds among the creditors. You may also be required to report your total income to the bankruptcy trustee who may demand that you submit any surplus income for distribution to the creditors.
2. Credit Counselling
If you have noticed that your spending habits have started having negative effects on your life and you are concerned about your future financial standing, credit counselling might just be what you need. And a renowned bankruptcy trustee in Ottawa can offer you comprehensive assistance in that respect. Their financial experts will give you tips on how you can get out of debt and restore your financial standing. These experts can help you to:
a) Establish a more realistic budget for your monthly expenses
b) Analyze lifestyle changes that could reduce your spending
c) Set long-term and short-term financial goals
d) Prepare any necessary informal arrangements with all of your creditors
3. Corporate Proposals
This type of proposal allows corporate entities to resolve their financial difficulties without having to file for bankruptcy. While formulating a corporate proposal, the Licensed Insolvency Trustee can help you to prepare a comprehensive proposal for your company’s creditors. Once the proposal is circulated, the creditors will convene a meeting and vote on it. If it is accepted, the trustees will in turn make an application to the court for approval. After it has been approved by the court, the targeted creditors will be bound by it.
The trustees are also specialized in debt consolidation, consumer proposals, debtor assist, corporate insolvency and corporate restructuring. The one great thing about these firms is that their staff members are friendly and always endeavour to provide you with personalized services. They will sit down with you to analyze your financial situation and recommend an option that will work for you. If you are searching for a licensed bankruptcy trustee in Ottawa to help you resolve your insolvency problems, these experts can help.