Personal Financial Restructuring, Barrie, ON

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We have extensive training and experience with personal financial restructuring and can provide tools and resources to help you better manage your money.

Personal Financial Restructuring, Barrie, ONIf you have questions about your personal financial situation, the best option is to consult one of our financial professionals at Morgan & Partners Inc. We have extensive training and experience with personal financial restructuring and can provide tools and resources to help you better manage your money.

The first step in personal financial restructuring is creating a budget that works for you and your family in Barrie, Ontario. It is important to make sure that you and your spouse are on the same page in regards to finances. Sit down with several months’ worth of bills and expenses, and figure out where your money goes each month. Make sure to budget for the basics first, such as rent or mortgage, utilities, groceries, and transportation. A budget should have an area for entertainment and leisure, too, because if you feel trapped or restricted, it is less likely that you will be able to stick to it.

When you visit us at Morgan & Partners Inc., we will help you create a plan for personal financial restructuring. We can advise you on other financial matters, as well, such as improving your credit score and planning for the future. Whether you dream of exotic travel locations or your perfect dream house, our financial planners can help you get on the right track.

Learning more about financial planning and resources can provide a great deal of benefits, especially if you aren’t sure where to start in preparing for the future.

FAQs About Personal Financial Restructuring

Our team at Morgan & Partners Inc. offers personal financial restructuring services to help you take charge of your financial future. We have put together the answers to some of our most frequently asked questions on the subject below for you to check out.

What is personal financial restructuring?

Personal financial restructuring is a process of assessing your current financial situation and then making changes to improve it—most commonly, it involves restructuring your debts to help you pay them off in a way that works better for your overall financial circumstances. Restructuring your debts can reduce the total amount you have to repay, eliminate interest, lower your monthly payment, and give you a longer time to pay back your creditors.

Will personal financial restructuring negatively impact my credit rating?

In the short term, yes, a personal debt restructure will likely result in your credit rating taking a hit. However, it’s important to consider your credit rating in context of your broader financial goals—when you have a choice between preserving your rating and dealing with debt, it’s usually better to deal with the debt. You can improve your credit rating within a few years, but you could be paying down your $50,000 for decades.

How much can personal financial restructuring save me?

By restructuring your debt, you can significantly reduce both your monthly payment and the total amount to be repaid. For example, if you have $50,000 of unsecured debt and do nothing, you most likely end up paying more than $130,000 before your debt is completely eliminated. If you take steps to restructure your finances, however, you may be able to cut that amount in half, or even less.

At Morgan & Partners Inc., we can assist you with personal financial restructuring in Barrie, Brampton, Guelph, Innisfil, Newmarket, Orillia, Milton, Gravenhurst, Toronto, and Muskoka, Ontario.