It might have happened as the result of a business deal gone horribly awry. It might have happened as the result of someone giving you bad advice as to an investment. It might have happened as the result of one too many poor quarters in a row. It might have happened for any number of different reasons, but whatever the ultimate reason might be, the fact remains that you’re presently stuck staring down the barrel of a bankruptcy filing. That being said, this doesn’t have to be the end. There are plenty of ways to rebound from going bankrupt and rise like a phoenix from the ashes, so long as things are taken care of up front with a quality team of experts.
1. Financial Planning Services
First and foremost, the best way to avoid going bankrupt in the first place is to make sure that your money is well looked after and your overall financial status well protected. The best experts specializing in such matters can often offer financial planning services in their own right or else point you in the direction of experts who can. These financial planning sessions can prove an invaluable way to not just avoid the worst, but in fact to get the best out of your financial holdings.
2. Chapter 7
Should the worst happen to occur, however, you want to be prepared. Hiring teams that specialize in helping clients who have gone bankrupt can be one of the most important decisions that you make. They know what it takes to help navigate the process of protecting assets and paying off creditors. In so doing, they will typically have you claim one of several different forms of bankruptcy.
One of the most common forms is Chapter 7. Under this form, your assets will be liquidated in order to pay back creditors, while those managing your case take care to ensure that all debts are paid and your case resolved as quickly and painlessly as possible.
3. Chapter 11
Let’s say that you don’t wish to liquidate your estate, however. Filing for Chapter 11 instead can help you and your case managers devise a plan whereby your creditors can be paid back over a protracted period of time and without the need for you to liquidate your assets.
Chapter 11 is especially useful for businesses that need to pay back creditors but don’t wish to be fully liquidated.
4. Filing the Paperwork
Half the work when working your way back from going bankrupt is simply navigating the rough seas of bureaucracy. That’s why the best such teams will work to cut through the red tape for you and handle filing and handling the necessary paperwork.
5. Experience on Your Side
When it comes to a matter as sensitive as this, you’re going to want to work with a team that you can trust. That’s why the best teams specializing in this field across Canada can typically point to decades of dedicated experience and a sterling record to their credit as well.
Protect your financial interests with the best in the business today.
