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What Does The Financial Resructuring consist of?
What is it?
Financial restructuring consists of providing you with a balanced budget in order to reduce the risk of finding yourself again in financial difficulties or in a debt situation. Thanks to the personalized support of Poupart Trustee Inc., licensed insolvency trustee, you will be able to regain the financial stability you desire.
By choosing this option, we will help you separate the expenses that are essential to your daily life from those that are not. In this way, you will be able to eliminate all nonessential expenses and also delay the purchase of goods that you do not need right away. We will also be able to help you in identifying the debts to be repaid first, according to their respective interest rates. You may also consider selling unnecessary possessions, such as a second car or country cottage.
What are the main steps?
First of all, you will need to draw up a list of your expenses, your sources of incoming money and any unforeseen events that may occur whenever in order to identify your true ability to repay your debts. We will then help you analyze whether your money is being directed to the right place, by listing the most important expenses, such as rent, groceries, electricity, insurance, etc.
Once this analysis is done, you will be able to better understand your financial situation in order to reduce your payment problems. With the support of our advisors, you will be able to determine which habits you will have to change. In fact, small changes to your habits could help you avoid unwelcome financial complications. Bringing your lunch instead of eating at a restaurant, reducing the number of coffees you buy at the local coffee shop or postponing a trip that you can’t pay for right now are all simple ways to help you save money in order to be debt free. We will also help you plan a budget for unexpected expenses, so you can reduce your stress in the short and long term as well as your over-indebtedness.
DID YOU KNOW THAT...
Poupart Trustee Inc. can help
you set up a realistic debt
repayment plan to ease
Who can qualify for the financial restructuring?
If you are like the great majority of Quebecers who are struggling to make ends meet and you have some repayment ability, a financial restructuring may be a solution to consider. In fact, this option is a chance to regain control over your finances by drawing up a budget adapted to your needs, while giving you a little payment flexibility.
Poupart Trustee Inc., a licensed insolvency trustee, can guide you in getting back on track with your finances by determining which expenses are priorities for you. In some cases, a financial restructuring may be enough to restore your financial situation, but depending on your circumstances, we may combine it with other options, such as debt consolidation, a consumer proposal or a voluntary deposit, always with the goal of avoiding bankruptcy.