If you have been injured and are seeking compensation for your injuries, the last thing you want is to loose any part of a future settlement. Dealing with the effects of an injury is stressful enough and having an unmanageable debt load only compounds the problem. A Licensed Insolvency Trustee (“Trustee”) has useful tools to help relieve your financial anxiety, negotiate a settlement with your creditors for your debt, and potentially protect a future settlement for pain and suffering and avoid bankruptcy.
If you file an assignment in bankruptcy, your assets (including any claims for lost wages or damages) vest with the Trustee. The Trustee, as an officer of the Court, has a duty to settle your claim and extract value for the general benefit of your creditors in a commercially reasonable matter which is subject to certain limitations.
This means that you could lose control of some of the settlement process and could potentially loose some or all of the settlement proceeds.
One way of retaining control of your injury claim is by filing a consumer proposal. A consumer proposal is a formal contract between you and your creditors that is administered by a licensed insolvency practitioner.
It provides you with immediate protection from your creditors. As insolvency professionals, A. Farber & Partners Inc. can customize a solution that will protect your assets, settle your debts and help you rebuild for the future.