What Can a Canada Bankruptcy Trustee Do for Residents in Financial Difficulty in Red Deer?
Some residents in financial difficulty in Red Deer think the only thing a Canada bankruptcy trustee can do for them is help with the preparation and filing of the paperwork needed to declare personal bankruptcy in Red Deer.
The truth is, we can do a lot more for you. Yes, we manage business and consumer bankruptcies, but did you know the Bankruptcy and Insolvency Act of Canada (BIA) was amended in the 1990’s to include an alternative solution to a Red Deer bankruptcy called a consumer proposal?
And did you know the Office of the Superintendent of Bankruptcy (BIA) that licenses and supervises all bankruptcy trustees says our first primary duty is to review the situation and counsel the debtor on available alternatives.
By law, we must explain to anyone in financial difficulty in Red Deer who comes to us for help all debt solution options that could help them with their financial difficulties, not just bankruptcy.
The extensive training we go through to meet the government’s licensing requirements includes a thorough study of all debt solutions available today. We offer free initial consultations where we will assess your current personal financial situation.
All debt solutions depend on a full understanding of your current circumstances. If you are in the early stages of financial trouble, we can explain how a debt consolidation loan might help. Our assessment of your situation will reveal whether you might qualify for one.
Few Canadians make use of personal budgets anymore, but it is essential you have one.
We can help you with that. Did you know even if you opt to declare bankruptcy in Red Deer, you will need to include a personal budget in the bankruptcy process?
In some cases, we find creating a personal budget shows substantial opportunities to cut back on expenditures. The additional monthly income from rigid expense control may be enough to get you back on your feet on your own. You’ll never know if you don’t work up a budget and see how much you can save.
In cases where you need to restructure the way you repay your creditors, we can help with that as well, without bankruptcy in some cases. The BIA provides two legally binding non-bankruptcy alternatives – an orderly payment of debts (OPD), and a consumer proposal.
An OPD is appropriate for smaller debt totals while a consumer proposal can include as much as $250,000 in unsecured debt. We can help you if a proposal is what you need and while we don’t administer orderly payment of debts, we can put you in touch with a non-profit credit counseling agency in Alberta that does.
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