How to find an insolvency advisor?

conseiller-en-insolvabilite-comment-trouverDid you know that the first step towards a solution to your financial problems is to recognize the difficulties you encounter? Sometimes it takes some time to realize that the income you make each month will not be enough to pay off your debts.

If you have tried everything to get out of debt, there are solutions available to help you solve your problem.

An insolvency advisor can explain these solutions and assist you in the process of financial recovery.

Getting Out of Debt

We don't go into debt for the fun of it. Often the use of credit is related to job loss, illness or divorce, and most people believe that it will be possible to repay these debts after a certain period of time. Life being what it is, other unexpected things can happen, such as urgent repairs to the house or the car, and many other things! You must contact the professional who will help you.

Few people know about insolvency advisors until they need their services. Licensed Trustees employ advisors who  are committed to helping you and who understand your difficulties. They have received the training that allows them to practice in this government-regulated area.

The insolvency advisor is not a financial advisor, which some people consult to help them make a budget. They may charge quite a high fee whereas the insolvency advisor will include the payment of their services within the proposal you choose. The financial advisor can't always find a solution to your difficulties, whereas the insolvency advisor is authorized by law to reduce your debt burden through a consumer proposal or another solution tailored to your situation.

Find an Insolvency Advisor Based on Your Geographic Location

You will find an insolvency advisor near you by using the Find a Licensed Insolvency Trustee search tool provided by the Government of Canada. In the Montreal area, Laval, Brossard and Saint-Jérôme, N. Séguin Trustee can help you!

The first meeting is generally free and will allow you to take stock of your situation, while obtaining proposals that will allow you to manage the situation (even without going bankrupt). You'll see that it really is possible to be free from your debt problems!

The Solutions

The insolvency advisor can analyze your financial situation and guide you towards solutions. These can come in many forms:

  • Take control of your personal finances by budgeting and reevaluating the necessary expenses;
  • Gather all debts into one payment (debt consolidation) at a lower interest rate, while repaying a smaller monthly amount over a longer period of time;
  • Re-mortgage your home to pay off your creditors, then repay your loan at a lower interest rate over a longer period;
  • In compliance with the Bankruptcy Act, make a consumer proposal that will allow you to eliminate the majority of your debts, while not going bankrupt (and repaying a much lower monthly amount);
  • Declare personal bankruptcy.

The insolvency advisor is here to help you choose the most appropriate solution for your needs. The Bankruptcy and Insolvency Act helps you free yourself from your debt burden, while allowing you to get back on track.

Contact us for more information

Contact N. Séguin, trustee, at (514) 768-2002 for more information on the solutions available to you and to obtain an initial free consultation with an insolvency advisor.

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