If you are in Victoria or Nanaimo and need professional assistance with your debt or insolvency problems, you will find full-service insolvency firms that can meet your needs. They have a team of insolvency trustees that can provide you with the most viable solutions for your financial situation. Whether you are in need of debt consolidation in Victoria, or you are looking for an insolvency firm that has specialized in debt consolidation in Nanaimo, these firms can help. They have specialized in:
1. Personal Bankruptcy
If you are constantly worrying due to financial problems that were caused by events or occurrences that you had no control over, these insolvency experts are able to help you get out of the mess and regain full control of your finances. Ideally, personal bankruptcy may be a viable option for you if:
a) You owe at least $1000
b) You are not able to pay debts on time
c) Your debts exceed the total value of your assets
Before filing for personal bankruptcy, the experts will assess your situation and should they find that you qualify, they will guide you through the entire process.
2. Consumer Proposal
This is basically a formal arrangement that is made between a debtor and his/her creditors where the debtor makes a request to pay less than what they actually owe. Upon presenting this request, the creditors will meet in order to vote for or against it, and if it is passed, it will come into effect. Note that once it comes into effect, all of your unsecured creditors will be barred from making any further debt collection efforts. In fact, you will be required to pay the insolvency trustee, who then distributes the amount to your creditors.
3. Debt Consolidation
If your debt is piling up and you are finding it difficult to meet the monthly repayment deadlines, they can also provide you with a customized plan to help manage your debt load. Ideally, debt consolidation usually involves taking one large loan, known as the debt consolidation loan. This combines all of your debts into one, hence you are only required to make one monthly payment. Unlike filing for bankruptcy, this option will not discharge the debts you have, but rather, you will be left with a new loan that you are expected to pay, but at a much lower interest rate. Whether you are in need of debt consolidation in Victoria, or Nanaimo, these experts have you covered.
The insolvency firms also have expertise in handling credit counseling, corporate bankruptcy, business reorganization and receivership. The best part is that before recommending any solution, they will analyze your current situation to provide you with the best option. Whether you need help with filing for bankruptcy, a consumer proposal or debt consolidation in Nanaimo or Victoria, these firms have you covered.