Bankruptcy & Insolvency law is playing an increasingly large role in today’s society, mainly due to the tough economic times that have been enforced on the nation through the weakened financial system. With many businesses and individuals struggling to keep their finances balanced, there is an ever rising demand for the services of a bankruptcy & insolvency lawyer specializing in this field in Burnaby. Burnaby lawyers are becoming increasingly well versed in dealing with this situation, with many now solely operating within this area.
Bankruptcy in Canada is one of the most complex in the world, with a large amount of legal paths that have to be taken to ensure that everything goes smoothly. There are a whole host of tasks undertaken by a trustee prior to bankruptcy, including selling off assets, reviewing finances for fraudulent activities and also to get funds paid to any creditors. All of these are difficult to do without specialist help – luckily residents of British Columbia can call on bankruptcy & insolvency lawyers in Burnaby to assist them with this. They will be able to advise you on the best timing and course of action for each of these stages, as well as being able to assist in documents and forms that are a legal requirement – after all, one wrongly filled out form could mean a longer wait or possibly more cost.
Insolvency is often confused by the uninitiated with bankruptcy, but is in fact something completely different and requires a totally different approach to handling it. Insolvency happens when a debtor is unable to pay back their owed money and has no way of obtaining the cash needed. Unlike bankruptcy it is not a legal term, as those who are insolvent have the option of moving on to declaring themselves bankrupt. This is not the only way though, and bankruptcy & insolvency lawyers in Burnaby will be able to advise any business in this situation about the best way to proceed. In a nutshell, insolvency is the precursor to bankruptcy, but the need to declare yourself as bankrupt is not always necessary. Speaking to a lawyer in Burnaby could well save you a lot of fees in the bankruptcy process by diverting you to a different course of action!
In both of these areas the professional assistance of a bankruptcy & insolvency lawyer in Burnaby is essential and will be of paramount importance to ensuring that you benefit as much as possible from this seemingly infinitely awful situation. They certainly won’t be able to bring your business or finances back up to the shape they were in before the recession, but they will be able to reduce stress and save a few pennies for you on the way.
There are many different ways to contact your local Burnaby lawyer, with the most common being by browsing through the results on any online search engine or of course through this website. Most offer a great introductory service where they will get to know the client and outline the services they can provide, ensuring you are completely comfortable with them before moving towards your end goal.