Why Get A Debt Evaluation From A Bankruptcy Trustee?

The idea for this article was taken from an anonymous e-mail someone sent to one of the public chats that I write responses on. My first reaction, was to compare a debt evaluation from a bankruptcy trustee to a visit to the dentist’s office when you have a sore tooth. You might speak to all kinds of different people about the pain in your tooth, but when it is finally time to deal the problem you are going to see a dentist.

Well, you can certainly talk to all kinds of different people about your debt load, but when you decide it is time to do something about your financial problems, it makes sense to talk to a professional trained to deal specifically with debt problems.

The best response might be to describe bankruptcy trustees in a little more detail.

1. Bankruptcy trustees are licensed by the federal government in Canada and the vast majority were professional accountants before they specialized in bankruptcy work.
2. Trustee training includes recognizing the warning signs of financial problems and the development of different strategies to deal with those problems.
3. Trustees are required to review with you a series of potential solutions to your financial difficulties. That list includes, but is not limited to budgeting advice, debt consolidation loans, credit counselling programs, consumer proposals and bankruptcy.
4. After a quick debt evaluation we review with you all the alternatives that you can try to see if you can avoid filing for bankruptcy. The earlier you talk to a bankruptcy trustee about your situation, the more likely it will be that you will be able to solve your debt problems without declaring bankruptcy.
5. While our services might include filing a bankruptcy or a consumer proposal, our job is to give custom tailored advice to each person we see. We are not salesmen pushing a canned package on every person we meet.  I know in my own practice, 4 out of 5 people that contact us for advice don’t need to file bankruptcy to deal with their money problems. And of the 1 in 5 that do need to file for bankruptcy, they may have been able to avoid it had they come to see us sooner.
6. Trustees can also explain your rights and responsibilities regarding collection agencies, Small Claims Court, and a variety of other debt specific financial matters. If based on your circumstances you need legal protection from your creditors to stop collection calls, wage garnishments or other legal actions, a bankruptcy trustee can provide that option for you.

Here’s a better answer to the question than the sound bite at the start of the article. The reason you might want to have a debt evaluation from a bankruptcy trustee is because bankruptcy trustees have the most complete technical training regarding debt and debt related issues. It’s what we do day in and day out.

If you are experiencing financial problems then you should speak a professional that deals with financial problems. Contact a local bankruptcy trustee today for help.

You know, the dentist analogy wasn’t all that bad after all.