Get Financial Help Ontario Residents Rely On from Bankruptcy Trustees

Financial crisis could happen to anyone at anytime; it has been reported that in the first nine months of 2010, 37,462 Ontario residents filed for bankruptcy. People are filing bankruptcy in Ontario for a variety of reasons. Among them are divorce (lawyer’s fees can take a toll on one’s finances), sudden unemployment, and bad business decisions.

While some Ontario residents choose to disregard the problem and just ignore their creditors, other people choose to face the situation head on. These problems may seem insurmountable, but if you get assistance from financial experts, you’d be able to get yourself out of trouble and start afresh. There are plenty of Ontario based companies that specialize in debt assistance and one of them is Paddon + Yorke Inc.

According to the company, filing for bankruptcy is not the only option if you want to get out of a financial bind. There are other alternatives to get financial help Ontario residents trust, such as debt consolidation, that may be more appropriate for you. If you have too many monthly payments, a consolidation loan might help; this type of arrangement refers to combining your debts under one monthly payment.

Additionally, financial professionals can also help you deal with your creditors so you could come up with a payment plan and make arrangements with them for a feasible solution. This, of course, would depend on your particular financial situation. It is best that you consult with a financial expert to find out which solution would best suit your particular case.

Another possible alternative to bankruptcy is a consumer proposal. This is a settlement between you and your creditors where you make monthly payments within five years. Consumer proposals are usually done if you have substantial assets that you want to protect.

There may be times when filing for bankruptcy in Ontario is inevitable. In such cases, it is still ideal to consult with licensed bankruptcy trustees like Paddon + Yorke Inc. who can properly explain what could happen, as well as its possible effects on your credit rating. They can also assist you with the steps in claiming bankruptcy in Ontario.