Bankruptcy is a complicated legal process. If you’re planning on filing bankruptcy or considering it as an option for getting out of debt, you’ll need bankruptcy help. In Winnipeg, a Licensed Insolvency Trustee is the first person you should turn to.
What is a licensed insolvency trustee?
A licensed insolvency trustee is a financial professional licensed by the government to administer bankruptcies. A trustee also prepares consumer proposals and provides financial counseling. Some of the trustee’s duties during a bankruptcy include:
- Filing bankruptcy papers with the court
- Managing your assets
- Liquidating appropriate assets
- Distributing money from assets and payments from debtors to creditors
- Providing debt counseling
- Negotiating settlements with creditors for consumer proposals
Licensed insolvency trustees are very knowledgeable in bankruptcy laws and personal finance. In addition to their degree and professional licensing requirements, they also take ongoing training throughout the course of their career.
Because trustees are regulated by the government, they also follow a strict code of ethics. Their fees are regulated, so you know you will not be charged unfair or high fees.
How can a licensed insolvency trustee help?
A few ways a trustee can provide bankruptcy help include:
- Answering your questions. During your initial consultation and throughout the bankruptcy, your trustee will be able to answer any questions you may have about bankruptcy. This can help you know what to expect from the process, as well as the impact declaring bankruptcy has on your credit and assets.
- Discussing alternatives. Even though a licensed insolvency trustee’s main duty involves bankruptcy, they are required by law to inform you of your alternatives. A trustee will go over your financial situation with you and help you decide which option is best. It may be that a consumer proposal or credit counseling is better for you.
- Providing protection from your creditors. A trustee can provide protection from your creditors by preparing bankruptcies and consumer proposals. These are the only options that can legally keep your creditors from contacting you or attempting to collect money from you. When you file for bankruptcy, your trustee informs your creditors that you are bankrupt. By law, they are no longer allowed to contact you. If your wages are being garnished, that also stops.
How can I find a licensed insolvency trustee?
All trustees provide free consultations, and you are not obligated to make any decisions during your consultation. You are also free to visit a number of trustees for a second opinion.
Your trustee can provide the most help if you come prepared to your consultation. The trustee will need to know how much debt you have (and how much of it is consumer debt) , whether or not you are employed, your income, your household expenses, and whether or not you have equity in your home.
If you need bankruptcy help in Winnipeg, there is no better place to go for help than the people who handle bankruptcies. An LCTaylor Licenced Insolvency Trustee offers a free consultation to review your finances and help you make an informed decision about bankruptcy.