Financial difficulties, whether at a corporate or personal level can be extremely overwhelming as they have the capability of sinking you deep in debt and even grounding your operations in many aspects. However, if you have already found yourself in such a situation, you need to look out for insolvency experts who are able to advise you on the best steps to take in order to regain your financial stability.

Insolvency Experts in Ottawa
If you or your business is in deep debt, or you are facing serious financial problems and are unable to meet most of your financial obligations, you can actually find insolvency experts that can help you out of this difficult situation. They are conversant with a range of insolvency and debt solutions that can help you regain your financial well-being. Whether your business requires corporate restructuring, or you are looking for specialists with experience in the drafting and filing of consumer proposals in Ottawa, these experts can help. They have specialized in:

1. Personal Bankruptcy Solutions
Bankruptcy is basically a formal procedure that is meant to provide financial relief to anyone that is not able to pay his/her unsecured debt. The aim is to enable the individual to have a fresh start. In case you go for this option, a licensed bankruptcy trustee will file for bankruptcy and then notify your creditors. The trustee will then collects and sell any of your non-exempt assets and distribute the funds to the creditors accordingly. You will also be required to notify the bankruptcy trustee about your monthly income and they may require you to submit your “surplus income” to them for distribution to creditors.

2. Consumer Proposals in Ottawa
A consumer proposal is basically a formal legal procedure that allows a person to compromise their debt owing to resolve their financial obligations under the facilitation of a Licensed Insolvency Trustee or Administrator. Ideally, the administrator will help you in developing this legally binding agreement which requires you as the debtor to pay a certain percentage of whatever is owed, extend the payment period or both.

3. Corporate Restructuring
Corporate financial instability is always challenging, particularly if you have decided that re-organizing your business is the only option for you to re-establish your company’s stability. By reorganizing the business structure, you will be able to effectively improve upon the worth of your business; hence both the creditors and stakeholders will have evidence that the business has value. However, before making any decision in this line, you should endeavour to enlist the help of professionals to ensure optimal effectiveness in the process.

4. Debt Consolidation
This is a process that involves the acquisition of a loan that allows you to repay all or most of your debts in one large monthly installment. It is more convenient as you are less likely to default on one of your loans. Moreover, you will pay a much lower interest rate on the combined debt and in the long run it will significantly improve your credit rating.

Other insolvency solutions that are offered by these experts include debt and credit counselling, corporate proposals and corporate bankruptcies, among other things. Note that the experts may recommend one or a combination of these options after closely analyzing your financial situation.