Our insolvency professionals in Barrie have extensive experience working on bankruptcy filings and have provided helpful advice for our many clients who are struggling with their finances.
When you can no longer pay the debts you owe or your liabilities exceed your assets, your finances are insolvent. At Morgan & Partners Inc., we realize that insolvency is a difficult situation to work through, and our team is here to guide you if you determine that declaring commercial or personal bankruptcy is the right course of action in Barrie, Ontario.
When you first turn to us for insolvency services, we will assess your financial situation. We encourage you to remember that in many cases, bankruptcy is not your only option. We will go over all the different solutions available to you before the decision to file bankruptcy is solidified. For instance, we may suggest presenting a personal proposal to your creditors instead of bankruptcy if you have acquired large amounts of personal debt.
Our insolvency professionals have extensive experience working on bankruptcy filings and have provided helpful advice for our many clients who are struggling with their finances. When you turn to us, you can feel confident knowing we will offer viable solutions based on your unique situation in a client-oriented, pressure-free environment.
The state of your finances can greatly impact your personal happiness and ability to meet your goals over time. Let us help you and guide you as you determine if insolvency is right for you, whether you have been struggling with debt for a while or you recently encountered an inopportune financial situation. To find out more about our services, reach out to us at Morgan & Partners Inc. today.
Common Questions About Insolvency
At Morgan & Partners Inc., we realize going forward with the insolvency process can be intimidating. To help ease your hesitations and solidify your confidence in our advice, we have answered some common questions about insolvency below.
What happens when you declare insolvency?
When you declare insolvency, this solidifies your intention to no longer pay the debts you owe. This automatic stay puts a hold on your debt and prevents collection agencies and creditors from asking you to repay your debts.
What is insolvency in Canada?
Although bankruptcy and insolvency are generally used interchangeably, they are not the same. Insolvency is the condition that precedes bankruptcy. After you become insolvent, you can choose whether or not to move forward with the formal bankruptcy process.
What are the different types of insolvency?
There are three main types of insolvency in Canada. These include personal insolvency, small business insolvency, and corporate insolvency.
What is the difference between bankruptcy and insolvency?
Insolvency is a financial state in which your debts exceed your assets. Comparatively, bankruptcy is the legal process that involves liquidating assets to pay off debts. Someone who is insolvent does not necessarily have to be bankrupt, but someone who is bankrupt is always insolvent.
How can you help me with the insolvency process?
We take an individual approach to every financial situation we encounter. If you want to declare bankruptcy, come to us first to discuss insolvency and the steps you should take next to move toward financial freedom.