A bankruptcy trustee is someone you can rely on for assistance during difficult financial circumstances. Each trustee must complete years of training, which includes a three-year bankruptcy and law course and an RCMP investigation. The government regulates their salaries, and your initial consultation is typically free.
A trustee in bankruptcy will:
Provide debt counseling and explain alternative options such as debt consolidation
Assist you in constructing a proposal to your creditors to prevent bankruptcy.
renegotiate settlement agreements with your creditors
When necessary, sell your assets and use the proceeds to pay your creditors in the event of bankruptcy.
In Alberta, the number of bankruptcies has more than doubled between 2008 and 2009. In 2009, more than 10,000 individuals filed for bankruptcy in Alberta. You are not alone in experiencing financial difficulties, so you should not feel isolated. Take immediate control of the situation and investigate your options.
A trustee will evaluate your situation and recommend the optimal course of action, be it a consumer proposal, consolidation of debt, or settlement agreement. Filing for personal bankruptcy may not be the best option if your income is too high.
Consumer proposals are available to those who are unable to make ends meet but do not wish to declare bankruptcy. If you have between $5,000 and $250,000 in debt and a stable job that allows you to make monthly payments, you may be eligible for this option. Through a proposition, you can reach an agreement with your creditors to repay a portion of your debt over a set period of time without losing your assets.
A debt consolidation loan requires you to obtain a loan from a bank or other lender in order to consolidate all your debts into one. This can save you a significant amount in interest fees and free you from creditors and collection agencies. The interest rate on a load is typically much lower than the interest rate on most credit cards. With a consolidation loan, you make a single monthly payment to a single account, but you must be able to demonstrate that you will be able to make this payment, and you must have a good credit score. With reduced interest rates, your debt will decrease much more quickly than if you paid each creditor separately.
A trustee in bankruptcy will advise you on your specific circumstance, as each situation is unique. Do not be afraid to obtain assistance from a qualified individual. The Office of the Superintendent has mandated that they adhere to a strict code of ethics and possess the necessary knowledge and experience. Typically, your initial consultation is free, and you will leave feeling hopeful. There is no situation too grave.
When faced with the dread of bankruptcy, go online or contact a Calgary trustee to understand your options. Get the debt collectors off your back and start over.""
" - https://www.affordablecebu.com/
