Insolvency Trustee Red Deer AB

Insolvency Red Deer
Trustee Services

A licensed insolvency trustee is responsible for filing proposals and bankruptcy applications for a debtor. We have a team of licensed insolvency trustees who can help you determine the best financial solution that suits your current situation. Our licensed insolvency trustees Red Deer AB are highly trained and knowledgeable of the provincial and federal laws. We are knowledgeable in handling bankruptcy across Alberta. 

affordable bankruptcy solutions

We are here to help you find affordable bankruptcy solutions that will allow you to start anew and
regain financial freedom once more. Our licensed insolvency Red Deer Canada trustees provide practical advice and assistance on how you can move forward once your debts are wiped out.

Personal Bankruptcy

Personal bankruptcy can help you restart financially. If you regularly use credit cards to pay your bills, make frequent cash advances, hide from your creditors, had your utilities cut off due to your inability to pay, and your wages garnished to pay back your debts, you may want to consider filing for personal bankruptcy. Perhaps you can’t lower your overall debt obligation and you’re only able to pay interest charges every month. We can help you determine if you are qualified to file for personal bankruptcy.

Declaring personal bankruptcy must be everyone’s last resort. Consider reducing your expenses so that you can save money to repay your debts. Learn how to budget your income so that you can avoid debts. Instead of hiring from your creditors, you should explain to them why you have not been able to pay your bills. They may be willing to make payments easier and more manageable for you. 

You may also want to file for a Consolidation Order. It sets how much and when you are going to make payments to the court. Your payments will be distributed to your creditors. Just remember that you need to pay the exact amount that you owe to them. We will help you every step of the way so that you can achieve financial freedom once more.

Business Bankruptcy

If you think that declaring business bankruptcy is the only choice you have, you should call us and discuss it with one of our licensed insolvency trustees. There are different kinds of businesses, so the process for declaring business bankruptcy will vary as well. 

If you own an incorporated business and you file for insolvency, it won’t affect you personally because it is an individual entity. It is different for a sole proprietor because declaring business bankruptcy will affect him personally.  There are specific guidelines and rules that should be observed, and we are here to help you adhere to these requirements. 

We will assess your debts, assets, and obligations to make sure that you qualify for business bankruptcy. Our trustees will inform creditors of your insolvency and submit the necessary paperwork. We will also help you redistribute your funds to your lenders to make sure that your debts are repaid.

Consumer Proposals

If you are looking for an alternative to bankruptcy, you should consider a consumer proposal. It’s an arrangement between the debtor and the creditor that allows them to pay back a percentage of their debts while the outstanding debts are forgiven. A consumer proposal is a good option for those who are overwhelmed with debts and need to start anew, need an alternative solution to bankruptcy and have less than $250,000 of unsecured debts. 

Our Red Deer insolvency trustees can help you file a consumer proposal so that you no longer have to worry about your debts. Contact us right away and we will discuss your options with you if you think that a consumer proposal is a right choice for you. We will assess your options and help you throughout the consumer proposal process.  

The repayment period is usually 5 years or shorter. We will prepare a consumer proposal based on your information and submit it to the Office of the Superintendent of Bankruptcy. We will submit the proposal and a report regarding your situation to your creditors, assuring them that the offer is fair and that you can comply with the plan. Once the majority of your creditors have accepted the proposal, it’s legally binding on all of them provided that you adhere to the terms. 

Once your proposal is approved, all interest charges are put on hold, and tax debts are discharged. Your credit rating will lead to an R7 rating as well. Moreover, you are required to report your earnings only once. The consumer proposal stays on your record for 3 years after completion. Bankruptcy, on the other hand, will stay for 6 years.

Debt Consolidation

We will help you determine the ideal debt consolidation option for you so that you can make your next financial decisions confidently. 

When you are burdened with a lot of debt obligations, you should consider consolidating them. Debt consolidation absorbs smaller credit debts into one monthly payment. Instead of paying for separate credit bills every month, you only need to pay one monthly payment. This reduces the stress and risk of missing payments. It may eliminate or reduce interest rates, as well. If you are lucky, your debts may be forgiven. 

You may apply for a debt consolidation loan to repay multiple smaller debts such as overdraft, credit cards, payday loans, and bills. There is only one lender to worry about. You have to pay the same amount of cash to one lender at a lower rate of interest. A loan can actually help you save money as credit cards often have high-interest premiums. 

The interest rate is affected by your credit score. A debt consolidation loan is an excellent option for those with good credit standing, as it won’t have a negative impact on their credit score. Since it combines separate monthly payments into one, it will be easier to budget your money. The repayment period may be extended, which will lessen the amount you have to pay every month. 

Do you have any questions? Schedule a free consultation with us today at our Red Deer Office! We will assess your financial situation and determine the best solution for you.

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