How Can A Bankruptcy Trustee Help You?

04 Feb

Are you looking at your monthly expenses and noticing that it is almost impossible to stay out of the red? Have you considered filing for bankruptcy but aren’t sure if you would even qualify? A meeting with a bankruptcy trustee should be one of your first steps. Bankruptcy trustees are considered officers of the court and can represent clients in a bankruptcy proceeding. The trustee is also responsible for preparing and filing the necessary bankruptcy documents and dealing directly with creditors during the bankruptcy process. But how else can a bankruptcy trustee help during the bankruptcy process?

Stop Creditor Harassment

Once a consumer hires a bankruptcy trustee in Canada, it will become their responsibility to deal directly with creditors. This will stop any late night phone calls and stop creditors from calling you multiple times a day. Creditors will also be prohibited from contacting you at work and can be fined if they break these laws. The trustee will also notify the creditors of the bankruptcy filing and represent clients at any creditor meetings.  

Taking Over Financial and Legal Aspects

If a consumer has made the decision to file for bankruptcy, hiring a bankruptcy trustee in Canada will essentially turn the financial side of the filing over to the trustee. Any wage garnishments or lawsuits filed against a consumer will stop, and the consumer will be protected from any further legal action. The trustee will also help the consumer work out a monthly budget and assist with putting together a consumer proposal if there are excess funds left over at the end of each month. 

Advising on Debts and Assets

Maybe you know that you want to file bankruptcy but you are afraid that you will lose everything that you own. A bankruptcy trustee can help you understand what assets are considered exempt under Canadian law, as well as what debts can be discharged in bankruptcy. This can include advising clients that debts such as student loans and child support payments are generally not discharged under bankruptcy protection, while also advising on any alternative options the consumer may have.

Filing for bankruptcy is not for everyone. If you feel that you may benefit from bankruptcy protection, contact a bankruptcy trustee in Canada today. Doing so can not only put you on the path to financial freedom, but also can give you the peace of mind that you may feel you have been missing.

For more information, contact a business such as A Miller & Associates Inc.

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