There are those professionals that nobody wants to have to meet: the dentist, the doctor, the lawyer, the bailiff… and the trustee. However, you should know that all these people have the ability to help you solve your problems (health problems, legal problems, financial problems, etc.). Consulting a professional is always the right decision.
The bankruptcy trustee profession is little known and is often the subject of urban legends. Unless you have gone bankrupt yourself, few people know exactly the role of the trustee. This article will help you understand the profession and how a trustee can help you if you have debt problems.
1. The trustee in bankruptcy helps you solve your financial problems
The trustee has a clear mission: to analyze your financial situation and offer solutions. Result, the trustee can find common ground between the person in debt and its creditors. This way, the person who previously swirled in a sea of problems today can make a fresh start.
2. The trustee does not “seize” all your properties
It is not uncommon for people to confuse the bailiff and the trustee. Depending on the solution you choose to get out of debt, you could be able to keep most of your assets. Whether in the context of a bankruptcy or a consumer proposal, your belongings are protected.
3. The trustee respects your privacy
Meeting with a bankruptcy trustee to discuss your situation can be scary. But fear not, the trustee and advisors have extensive experience in the field. You will not be judged and great care will be taken to respect your privacy. Your family will not know unless you talk to them.
4 . Consulting a trustee does not necessarily mean declaring bankruptcy
Bankruptcy is not the only way a trustee can help you. The trustee will analyze your situation and explain the best option for you. This can range from a simple budget reorganization to personal bankruptcy depending on the severity of your situation. In addition, there are legal alternatives to bankruptcy as a consumer proposal.
5 . The trustee represents you in front of your creditors
Once you have retained the services of a trustee, your creditors can no longer contact you directly. This means you will stop receiving collection calls and harassment will end. From now on, it is your trustee who handles communications with your creditors.
Do you need help?
If you are worried about your financial situation, please contact us. We offer a free, no-obligation consultation.