Here’s What a Bankruptcy Trustee Can Do For YouNov 23, 2014
Finding a bankruptcy trustee in Edmonton is fairly easy, you just need to do a quick search, but it can be difficult to decide who to choose when you don’t know exactly what a bankruptcy trustee can help you with. You may also be a little frightened not knowing much about the bankruptcy process that lays ahead. Knowledge is the most effective way to combat fear and/or indecision, so before choosing which trustee is for you, here are some facts and information that will help you decide.
A Trustee will help you with:
Financial Advice. They will sit down and review your finances with you, provide counselling, and explain all of your debt options.
- Determine what led you to bankruptcy and evaluate your situation before and during bankruptcy (to avoid a repeat in the future).
- Ensuring that all creditors’ debt claims are valid
- The bankruptcy documentation required by OSB
- Access to mediation services (to assist/help with negotiations in case of a dispute)
- Selling assets and distributing the proceeds from the sale to the creditors you owe (assets held in a bankruptcy estate are usually sold to contribute to any outstanding debt)
- Administering a bankruptcy estate file, which includes your legal and equitable interests
- Your bankruptcy discharge application, which releases you from your debt once paid in full.
Licensed by the Office of the Superintendent of Bankruptcy (OSB), a Trustee in Bankruptcy is licensed to help you with bankruptcy proceedings and/or make a consumer proposal . While there are many options and counsellors out there to help you get out of debt, a trustee offers you everything you need (support, advice, bankruptcy support) when looking to consolidate and/or eliminate large amounts of debt.
Unlike credit counsellors, who are accredited to help you with budgeting and debt/credit management, a trustee is an officer of the court and can legally stop collection calls, threats of legal action and wage garnishments. They are able to negotiate with creditors on your behalf and can make an arrangement where, depending on your financial situation, you pay back a percentage of what you owe.
As they are licensed and regulated by the federal government, trustee fees are monitored and can cost less than other consultants, counsellors and debt solution providers. Alternatively, a bankruptcy trustee can also make a consumer proposal on your behalf, which depending on your financial situation, can help you consolidate debt and avoid bankruptcy altogether. Curious? Here is an example of a consumer proposal.
Trustees can provide you with all the advice and support you need while going through the bankruptcy process, so you can take the steps needed to make sure that you do not end up in financial trouble again down the road. Taking action is the only effective way to become debt-free, so no matter which bankruptcy trustee in Edmonton you choose, congratulate yourself for taking the first step towards dealing with debt.