Why Visit An Insolvency Trustee? And How Can They Help To Get Rid Of Debt?
People who are in economic difficulty have a selection of alternatives readily available to them for debt relief solutions.
The last solution that people who are in financial difficulty want to hear about is bankruptcy. Their natural instinct is to seek out whatever other solutions exist and hope that one of these will solve their debt problems.
We as Licensed Insolvency Trustees, we understand that the toughest part of the process is to take that first step and be willing to talk to someone concerning this issue. Depending on your specific situation bankruptcy may or may not be the right answer for you. In order to practice as a trustee you have to be licensed by the federal government. One of the insolvency trustee’s obligations under the license is to review all of your options ( credit counselling, debt consolidation, consumer proposal and bankruptcy) with you and recommend the one that fits your circumstances.
Education and understanding of the process of bankruptcy and the advantages and disadvantages is important in helping you make a decision. That is why we offer a free confidential one hour consultation with no further obligations to assist you in understanding what to do to manage your debt load.If at the end of the consultation you decide to do nothing then you are free to do so with no further obligation to us
At A. Farber & Partners, our initial responsibility is to find out which debt relief option best matches your particular scenario.
Bankruptcy is sometimes seen as a desperate remedy. But it is only recommended when all other possibilities have been examined. In many instances, it is the most effective option.
If it is, below are several of the essential things you need to find out about bankruptcy:
- Our obligation as Licensed Insolvency Trustees is to help the honest but unfortunate debtor resolve his or her debt problem. We also have an obligation to ensure that your creditors receive whatever is due to them from your estate. In many instances there may be nothing due if you have no assets or insufficient income to cover your reasonable monthly living costs.
- You will need to provide your trustee with an accurate list of all of your creditors and the amounts owing. In addition you must provide details of your income from all sources, employment, CPP or interest income. You will also need to provide a list of all of your assets but you are entitled to keep a car if the value is below a certain amount and the tools of your trade so that you can continue to earn a living. Based on all of this information the trustee will determine which solution is best for you.
- If you choose bankruptcy then all the necessary paperwork will be completed and filed. Relief and protection from your creditors starts as soon as your papers are submitted to the Federal government. We as Trustee deal with all of your creditors and they are no longer entitled to call and harass you. If your bank account has been frozen or your wages garnished – these restrictions will be lifted.
- In order to better prepare you to manage your financial affairs effectively in the future we will provide you with two financial counseling sessions. The first of these sessions cover money management, spending and shopping habits, warning signs of financial difficulty, obtaining and using credit. In the second session, you will work with the counsellor to determine the budgetary and non-budgetary causes of insolvency and apply the principles learnt if session one.
- For initial bankrupts, the procedure can last anywhere from nine to twenty two months, at the end of which you will discharged, assuming you have completed your duties, and can start reconstructing your financial life.
- The specifics for each individual will certainly alter based on his or her conditions.
For a FREE, no obligation consultation, call (844) 310-3733 or fill in this form:
Avoiding Bankruptcy With A Consumer Proposal
Read More About Bankruptcy and Consumer Proposals
- About the Superintendent of Bankruptcy
- What is Bankruptcy?
- Bankruptcy vs a Consumer Proposal