Useful info

Debt consolidation can group together different types of unsecured debts, such as credit cards, personal loans, medical bills, student debts and so on. However, secured debts, such as mortgages or car loans, are generally not included in a debt consolidation.

Debt consolidation can have an impact on your credit rating, but it can vary from one situation to another. When you consolidate your debts, it may result in the closing of some credit accounts, which can temporarily affect your credit rating. However, if you make your debt consolidation payments punctually and responsibly, this can help improve your credit rating in the long term.

Every financial situation is unique, so it's important to consult a qualified professional, such as a trustee in bankruptcy, to assess your options. Groupe Serpone can help you analyze your situation and determine whether debt consolidation is the right solution for you. We'll take into account your debts, income, expenses and other factors to guide you toward the best decision.

Yes, it is possible to consolidate your debts even if you have bad credit. Groupe Serpone understands that financial difficulties can affect your credit rating. We work with lenders specializing in debt consolidation loans to help customers with less favorable credit histories. However, it is important to note that conditions and interest rates may vary depending on your financial situation.

The repayment period for a consolidated debt depends on several factors, including the total amount of your debt, the amount of your monthly payment and the interest rate negotiated. In general, debt consolidation allows you to spread your repayments over a longer period, which can reduce the amount of your monthly payment. However, it's important to note that the longer the repayment period, the more interest you may pay over time. Our bankruptcy trustee experts will assess your situation and help you determine a repayment term that is realistic and adapted to your financial situation.

If debt consolidation is not the right solution for you, Groupe Serpone can explore other options, such as a consumer proposal or personal bankruptcy. These options can be adapted to more complex financial situations. Our experts will guide you through the process and help you choose the best course of action for your specific situation.

It's appropriate to consider commercial bankruptcy when your business is facing major financial difficulties, such as the inability to repay your debts or maintain profitable operations. A thorough assessment of your financial situation by a qualified bankruptcy trustee can help you determine whether bankruptcy is the best option for your business.

Commercial bankruptcy can have a number of different consequences, including the liquidation of company assets, the termination of current contracts, a reduction in the company's credit rating and the possibility of redundancies. However, it can also enable your company to start afresh on a sound financial footing.

A trustee in bankruptcy is a professional who plays a key role in the commercial bankruptcy process. He or she will guide you through every step, helping you complete the necessary paperwork, evaluate your assets and debts, communicate with creditors, and propose solutions to restructure your business or liquidate its assets in an orderly fashion.

The debts eligible for elimination in commercial bankruptcy vary according to various factors. Some debts, such as taxes, fines or support obligations, may not be eliminated. A trustee in bankruptcy will examine your situation and inform you of the debts that can be forgiven.

In a commercial bankruptcy, it's important to make a clear distinction between business assets and your personal assets. While business assets can be used to pay off creditors, your personal assets may be protected depending on applicable laws and regulations. A trustee in bankruptcy will explain the rules specific to your situation.

Commercial bankruptcy can have an impact on your relationships with suppliers and customers. Your suppliers may be concerned about getting paid, and may ask for additional guarantees or review the terms of their contracts. Some customers may also be reluctant to do business with a company in bankruptcy. However, a well-managed bankruptcy can make it possible to maintain positive business relationships, notably by renegotiating agreements or drawing up repayment plans with the parties concerned.

The main difference is that in the case of a personal proposal filed and accepted by creditors, assets can be retained. They are therefore protected against seizure. A proposal can be spread over a maximum of 5 years, whereas a first bankruptcy is finalized after 9 months, in most cases.

A first bankruptcy generally affects your credit rating for 6 to 7 years, while a second bankruptcy stays on your record for 14 years. Fortunately, you can rebuild your credit after bankruptcy, especially if it's your first. In fact, once you've declared bankruptcy, your trustee will give you advice on how to better manage your finances.

As you may have noticed, there are many different solutions to overindebtedness. It's important to consult a trustee in bankruptcy for an in-depth assessment of your case. That way, you can determine the solution that best suits your needs and financial situation. Many people have financial difficulties, and there's no magic, universal solution that applies to everyone. It all depends on a series of factors and variables that need to be studied by an insolvency expert.

Personal bankruptcy involves the liquidation of a debtor's assets for the benefit of creditors. This is necessary when a person has a large debt and no income to maintain the payment structure of a personal proposal. In some cases, bankruptcy can result in the loss of real estate, jewelry, cars, antiques and other assets. Your bankruptcy may also affect other people financially. For example, if your parents co-signed a car loan for you, they could be held responsible for part of that debt if you ever declare bankruptcy. It's also important to know that bankruptcy damages your credit report. Bankruptcy affects your credit report negatively for a few years and can affect your ability to borrow in the future. If a bankruptcy appears on your credit report, creditors may refuse to grant you credit or decide to offer you higher interest rates and less favorable terms.

If this is your first bankruptcy, the process can take between 9 and 21 months. If no one opposes your bankruptcy, your discharge will take place 9 months after the opening of your file. However, if you have surplus income, your discharge will take place 21 months later. If this is your second bankruptcy in Quebec, the process takes a minimum of 24 to 36 months. For a third bankruptcy (or more), a court hearing will be held 12 months after the opening of your file. At this hearing, the duration of the bankruptcy will be established. The duration is generally 12 to 36 months.

The main non-dischargeable debts are:- maintenance arrears;- criminal fines (e.g. traffic tickets);- debts or obligations resulting from fraud, misrepresentation, etc.

If a creditor has not signed a written agreement and has only given you oral consent, they can still change their mind and cancel the agreement at any time. At Groupe Serpone, we strongly recommend the use of a signed, written agreement, detailing each clause, for your protection and peace of mind.

During negotiations with your creditors, various arrangements can be considered. These may include reducing the total amount of debt, setting up an installment plan, waiving certain fees or penalties, or modifying repayment terms. The type of arrangement will depend on the specific situation and the creditors involved.

- You don't have many creditors - the amount of your debts is not very high - you're going through a temporary situation that's affecting your finances - you're on good terms with your creditors and they trust you.

Negotiations with your creditors can have an impact on your credit rating. The final decision will depend on the specific policies of your creditors and the agreement reached. However, it's important to note that if you respect the terms of the negotiated agreement, this can help re-establish a good relationship with your creditors and improve your credit rating in the long term.

It is important to continue making payments to your creditors during negotiations. Stopping payments to your creditors can have negative consequences, such as late payments, additional charges or a deterioration in your credit rating. Groupe Serpone will guide you on the best way to manage your payments while entering into negotiations with your creditors.

No, you don't have to be in serious financial distress to benefit from creditor negotiations. Negotiations can be useful in a variety of situations, from temporary financial difficulties to finding better ways to manage your debts. Groupe Serpone will assess your specific situation and provide you with advice tailored to your needs.

No, not all creditors are obliged to accept the proposal. However, if the majority of creditors accept the repayment plan, it can be approved by the court even if some creditors object.

If the proposal is rejected, the company may be forced to file for bankruptcy. In this case, a trustee in bankruptcy will be appointed to liquidate the company's assets and reimburse creditors.

If the proposal is accepted, the company is bound by the repayment terms agreed with its creditors. In this way, the company can avoid bankruptcy and continue to operate.

The preparation of a proposal may vary according to the complexity of the company's financial situation. It can take from a few weeks to several months.

To qualify for a proposal, the company must demonstrate that it is in financial difficulty, but that it has a realistic chance of recovering and repaying its debts according to the proposed terms.

If the company fails to meet the repayment terms agreed in the composition proposal, this may result in the termination of the agreement by the creditors, which could lead to the company's bankruptcy. It is essential to respect the commitments made in order to maintain the confidence of creditors and return to stable financial health. Groupe Serpone can help you draw up a realistic and viable plan to minimize the risk of non-compliance with repayment terms.

For a Consumer Proposal to be accepted, it must be approved by a certain percentage of creditors, depending on the amount of the debt. If the proposal is accepted by the majority of creditors, it will be binding on all.

A Consumer Proposal will appear on your credit file and have a negative impact on your credit rating. However, once you've completed the repayment program, you can begin rebuilding your credit.

The main difference lies in the level of financial commitment and the way debts are handled. In a Consumer Proposal, you propose a repayment plan to creditors to pay off part of your debts. In a personal bankruptcy, most of your unsecured debts are generally wiped out, but you may be required to liquidate certain assets.

Yes, in general, you can keep your essential property and assets such as your principal residence, furniture and personal effects. However, exceptions may apply in the case of high-value assets. Our team will assess your specific situation and provide you with tailored advice.

Groupe Serpone is an experienced trustee in bankruptcy with in-depth expertise in consumer proposals. We offer professional guidance, personalized advice and competent management of the process, while ensuring that your interests are protected.

The length of the process can vary, depending on the complexity of your financial situation and the cooperation of your creditors. In general, it can take from a few months to a few years.

Common signs include ongoing financial losses, declining revenues, difficulty paying creditors, declining profitability, cash flow problems, loss of market share or major changes in the industry. If you observe these signs, it's important to consult turnaround professionals quickly to assess the situation.

Every situation is unique, but in many cases, appropriate turnaround and restructuring measures can be put in place to help companies overcome their financial difficulties. A thorough assessment of the situation by turnaround professionals can determine the best options available.

The length of the turnaround and restructuring process depends on the complexity of the company's financial and operational problems. It can vary from a few months to several years. A precise assessment of the situation by experts can give a better estimate of the time required.

In some cases, corporate turnaround and restructuring may involve redundancies, but this is not always the case. The main aim of these processes is to restore the company's financial health and ensure its long-term viability. This may involve downsizing if necessary to ensure the company's profitability, but other measures are also considered, such as reorganizing activities, reallocating resources and implementing training plans to preserve as many jobs as possible.

The tax consequences of a turnaround and restructuring process can vary depending on various factors, such as tax jurisdiction and the specific measures taken during the process. In some cases, tax benefits may be obtained, such as tax loss carryforwards or temporary tax relief. However, it is essential to consult tax experts to understand the specific tax implications of your situation and make informed decisions.

Groupe Serpone has extensive experience in corporate turnaround and restructuring. Our team of skilled professionals works closely with you to understand your business challenges and develop strategies tailored to your situation. We are committed to providing you with personalized support and implementing effective solutions to turn around and restructure your business.