There are many debt solutions in Edmonton which a bankruptcy trustee can present to you. But, when you are in need of professional bankruptcy services, you might not be familiar with the trustee, what they do, how they can help you, or what solutions they will present to help you get out of debt. Regardless of the level of debt you are dealing with, the debt solutions in Edmonton which are appropriate for your situation, or how you built up that debt amount, a trustee can help. These are a few of the basics to familiarize yourself with when choosing a trustee, and understanding how they can assist you with the bankruptcy services they provide.
What is a trustee? –
So you’re contemplating filing for bankruptcy and don’t know who to call. In steps the bankruptcy trustee. Basically, a bankruptcy trustee is a highly educated debt consultant you can speak to regarding your bankruptcy. Not only do they discuss bankruptcy, but also additional debt solutions and options available to you. One of the main benefits of hiring a trustee in Canada is the simple fact that you can avoid the court room. As long as lawyers aren’t involved, the court typically doesn’t get involved either. A bankruptcy trustee will ensure you comply with all legal issues surrounding bankruptcy, insolvency, and inability to pay your debts, in order to avoid the court room and high legal fees which come along with this.
Who can be a trustee? –
A bankruptcy trustee is an individual that is licensed by the Canadian government to administer bankruptcy and consumer proposals. Only individuals who are licensed can file the proposal on your behalf. Basically, you can hire a trustee who assists you in filing for bankruptcy, and is assigned to administer the insolvency act, as well as your bankruptcy proceedings. A trustee basically works to make sure you are complying with the laws, and all parties, such as creditors, are doing so, as well. This avoids the legal ramifications which can be tied to bankruptcy and insolvency, leading to court room proceedings you are trying to avoid.
Why do I need a trustee? –
Bankruptcy, consumer debt, and debt solutions are extremely complicated legal matters. Most people simply don’t have the understanding or knowledge to file on their own. In Canada, you must file a proposal yourself, or you can get help from a bankruptcy trustee who is licensed. A trustee will also advise you of additional options. More often than not, people who are considering filing for bankruptcy do not have to do so, and they shouldn’t. A trustee guides, informs, and provides additional debt solutions, in lieu of filing for bankruptcy.
Even if you think you understand bankruptcy and its complex nature, you probably don’t understand all the intricate details surrounding it. But, a licensed trustee does. So, whether you are ready to file, need additional debt solutions in Edmonton, or just need some guidance and wish to avoid court room proceedings, these are a few of the main reasons to hire a trustee.