7 Things You Should Know Before Choosing Bankruptcy Trustee In Canada
Bankruptcy is an important decision which you have to think over exceptionally carefully
. It may change you life for the better by eliminating your debts. However, it'll put a negative impact on your future credit record. Bankruptcy is a huge financial problem which is not easily forgotten. It'll take you many years to finally recover from it. This is what you have to be aware of when making your mind on whether you really want to file bankruptcy. If after considering all of the alternative options, bankruptcy is still the only one left, you should find a professional trustee in Canada to help you file bankruptcy. It's advisable you find a reputable licensed bankruptcy trustee in Canada to help you through the bankruptcy process in the most efficient way. Here are several things which might come handy before you get started. What you need to know is:
1. Who is bankruptcy trustee?
A trustee is a person whose job is to help debtor file bankruptcy quickly, efficiently and stress free. Bankruptcy trustee in Canada gives all information that you will need to be aware of as the bankruptcy process gets started. That way, you will understand better all procedures to be applied in it. In other words, bankruptcy trustee will keep your bankruptcy process under control. He/she will give you answer on every question you may have. Next, bankruptcy trustee in Canada will be obliged to make certain that the rights of debtor and creditors are preserved and equally respected.
2. What is bankruptcy trustee responsible for?
The main task of your bankruptcy trustee is selling your assets and further distribution of the received proceeds to the creditors. For example, if you own a property your bankruptcy trustee will be responsible to sell it. All of the received money will be placed onto his/her trust account. Only then it will be sent to your creditors. Apart from this he/she will provide debt counseling, assistance in making proposal to your creditors, negotiate debt settlement agreements.
3. How do I choose a Trustee in Canada?
Finding a professional trustee in Canada is the first accomplishment on your way to debt free life. Where should you start? Look for licensed trustees in your area first. Next, what you can do is to go on line and do some research. Read all reviews people leave about bankruptcy trustees they dealt with. It's important to find a person who has much relevant experience and receives good feedback from the clients. Choose your bankruptcy trustee in Canada very carefully.
4. Should I count on a trustee?
Bankruptcy trustees in Canada are highly qualified and experienced. They are well educated and trained to help their clients go through bankruptcy process in Canada easy with less stress. The only thing that you have to be extremely careful about is your choice. For that reason it's advisable you do some research before making your final decision.
5. How do I Assess a Trustee?
A good bankruptcy trustee in Canada must be adept at effectively representing the debtor. In order to be sure that you have found the right person you must consider a couple of things. First of all you have to be absolutely positive that you're comfortable with your trustee. Make sure your relationship is based on trust and you can count on your bankruptcy trustee at all times. It's always comforting to know that he/she will be there for you in case you come across any hurdles.
6. Who does bankruptcy trustee work for?
Don't fall for a misleading concept that your bankruptcy trustee may work for your creditors. Your bankruptcy trustee appears to be a negotiator between you and your creditors. His/her task is to make sure that the whole bankruptcy process is fairly held and both parties, you and creditors, comply with the rules.
7. How bankruptcy trustee is paid in Canada?
A trustee's fee is regulated by the Bankruptcy and Insolvency Act in Canada. As a common rule a trustee is paid a fixed percentage of the funds placed on his trust account. The final accounting takes place only after proceeding is over.
Bankruptcy is a complicated process which needs a lot of attention and knowledge. Therefore it's advisable you find yourself a bankruptcy trustee in Canada. Set yourself a goal to achieve financial freedom whatever it takes. Even thought going bankrupt is what you need to do.
by: Sherry Moore
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