A Canadian Bankruptcy Trustee provides more than bankruptcy services. As an expert in debt management, a licensed trustee is qualified to offer you advice on a wide range of debt relief services. While the most common bankruptcy service will be the filing of a bankruptcy, there are many other insolvency services that your Canada bankruptcy trustee can provide including:
- money management and budgeting advice to help you avoid the need for bankruptcy in the first place,
- debt reduction advice about how you can reduce your debt when you do not want to declare bankruptcy,
- debt negotiation services through alternatives like a consumer proposal to help you negotiate a debt settlement with your creditors,
- referrals to local, reputable credit counselling agencies,
- and only if absolutely necessary, bankruptcy services if bankruptcy is your best solution.
How are the bankruptcy services provided by a trustee different from other debt management services?
First, a trustee is licensed by the federal government of Canada, and it takes years of study to obtain a license. Many companies say they are providing bankruptcy services, but in fact they are not licensed to provide official services.
Second, bankruptcy and bankruptcy related services offered by a trustee in bankruptcy are legally binding. While others may advertise debt relief services, these services are not legally binding. If you file bankruptcy, your debts are officially discharged. If you file a consumer proposal and your creditors accept your proposal, and you make all required payments, your debts are officially discharged. You are receiving legal protection. This is not the case with other debt settlement programs.
Third, all bankruptcy services provided by a federally licensed trustee are approved by the court. You are getting full court protection. This means that once your bankruptcy is finished, your creditors cannot come back later and demand payment. Your court protection remains on those debts forever.
Fourth, because all bankruptcy services provided by a licensed trustee are regulated by the federal government, you know you are receiving a high level of service. You are dealing with a professional with many years’ experience, so unlike some debt relief services you are dealing with a qualified professional.
Finally, all trustees offer a no charge initial consultation. They will explain all of your options, and give you time to get all of your questions answered, so that you can make an informed decision.
If you are looking for debt reduction services, start by contacting one of our local bankruptcy trustees — more than just bankruptcy services. We Can Help.