Search online. Listen to the radio. Talk to your friends and co-workers. There is no shortage of people offering to help you with your money problems.
There is a common misconception that a bankruptcy trustee can only help you with bankruptcy, when in fact, our help extends beyond filing insolvency.
How Can A Trustee in Bankruptcy Provide Advice About Debt Management?
Our Role Includes Assessing Your Financial Situation
A trustee is required to do a financial assessment where a list of debts, assets and monthly income and expenses is compiled. The core purpose of the assessment is to review the various options available to resolve the debt problems such that the individual can make an informed choice. This includes strategies for paying the debts in full, if possible.
We’re Licensed Professionals
Becoming a bankruptcy trustee is a rigorous process that involves a series of exams and work experience over several years. If successful, a license is issued by the Office of the Superintendent of Bankruptcy (OSB), under the Federal government. After a trustee is issued a license, the OSB monitors all trustees to ensure that they are following all laws and regulations.
Trustees in Bankruptcy are Experienced
In addition to the experience gained while in the process of obtaining a license, trustees typically have prior experience in economic or finance related fields like accounting, taxation or insurance. In fact, a majority of trustees hold professional accounting designations. A trustee develops his or her “toolbox” of knowledge and skills over several years from the diverse financial situations that he or she encounters on a daily basis. We can use this experience to help you come up with a plan to deal with your debt, even if that plan doesn’t include bankruptcy.
We Can Help You if Your Debt Becomes Too Much and You Need to File Insolvency
As noted above, the trustee’s role is to provide information about the different options for dealing with debts. This could include selling or refinancing assets in an attempt to pay the debts in full.
But what if you are insolvent and unable to pay the debts in full? What if there is a garnishee pending on your next pay? You always have the option to attempt negotiations with your creditors, but only a trustee has the authority under the Bankruptcy and Insolvency Act to stop legal action by filing a bankruptcy or consumer proposal. Seeking help from a bankruptcy trustee will prevent you from being referred to us by someone else in the event that your debts need to be handled in a legal manner.
Do you have debt that you need to deal with, but you’re not sure if bankruptcy is the right option for you? Contrary to popular belief, bankruptcy trustees can offer more than just bankruptcy. Contact a local trustee in bankruptcy to book a free consultation to review all of your options. We can help you to manage your debt and get a fresh financial start.