Insolvency Counselling in Ontario Canada
Insolvency Counselling and the right car loan have been the perfect combination for our customers who need help in our challenging times here in Ontario Canada.
The good news is, we at Right Turn Auto Credit are experienced and certified in offering both options better than many other local company and car dealer in Ontario.
Let’s take a quick look at what it means to be Insolvent and how Insolvency works in Ontario areas near you. Whether looking for Insolvency Counselling in Toronto, Oakville, Sudbury or Barrie, we have what it takes to help.
What Does It Mean To Be Insolvent?
You are deemed insolvent when you either are not able to pay your agreed upon obligations on the due date, or your debts are more than your assets.
Although the words Insolvent and Bankrupt are often used interchangeably, they have different meanings.
Insolvency often precedes bankruptcy
If a person realizes they are no longer able to pay their debts, then bankruptcy is a considerable option.
An Insolvent person owes more than $1,000 and is unable to meet their obligations on the agreed upon due date.
One example is if your minimum credit card payment is due on the 1st of the month and you don’t have the available funds to make that payment by the 1st, then you’re unable to meet your obligations.
Have assets that you could sell and turn into cash?
If you have a vehicle worth $15,000 and nothing owing against it, and you owe $1,500 on your credit card, then you are not insolvent.
In the above mentioned scenario, you have an asset (the vehicle) that is worth more ($13,500 more) than your debts.
At Right Turn Auto Credit, we’re not just your Auto Loan Professionals, we have Insolvency Counsellors ready to assist you every step of the way.
Contact us today to discuss Insolvency Counselling options with your car loan.
Right Turn Auto Credit
2357 Royal Windsor Drive,
Oakville, ON L6J 7L6
Car Finance and Used Car Dealer in Ontario