There are many challenges that a new comer have to face when arrive in Canada in where in most of the cases, the new immigrants forced to become familiar with a legal, commercial systems that is confusing and sometimes far from their own experiences.
Managing assets and liabilities are often a challenge to the new comer. Angelica Gonzalez-Blanco Legal Offices working in assisting and responsible informing the community is now working closely to educate and provide the legal aspect in how you the liabilities (debts) and Assets should be manage to build up a good foundation to your family and granting a successful future to you children.
Arriving into a system in where the credit speak about you as an individual and from it, (your credit history) the access to a different financial product are widely open or hermetically close it required a prompt action from you to inquire and became informed to clearly understand the legal aspect of managing both your assets and Liabilities. Moreover the legal implication of no having an adequate manage of both that may take you to serious legal consequences
It is our plan to provide a fundamental and complete legal advice to maintain you informed. This will be possible with the collaboration of experts in the field of solvency management always satisfying the vision and commitment of Angelica Gonzalez Legal Offices.
Well we should start for understanding the concept of solvency management
Solvency according to the Legal Dictionary is:
The ability of an individual to pay his or her debts as they mature in the normal and ordinary course of business, or the financial condition of owning property of sufficient value to discharge all of one's debts.
We want to provide the legal information needed to manage your solvency; in other words to legally manage your liabilities and assets and prevent the legal consequences of that
If you do not manage your solvency and your liabilities are higher than your assets you are facing Insolvency, which is s the inability of a debtor to pay their debt
According to the legal dictionary
Insolvency is the condition of having more debts (liabilities) than total assets which might be available to pay them, even if the assets were mortgaged or sold.
Bankruptcy is a decision reached by court in where it is concluded that a person or business cannot raise the funds to pay all of his/her debts. The court will then "discharge" (forgive) some or all of the debts, leaving those creditors holding the bag and not getting what is owed them.