The Facts About Bankruptcy Trustees in Edmonton
Bankruptcy trustees in Edmonton are licensed professionals who assist with the bankruptcy process. Their goal is to help you through your bankruptcy as fairly, quickly and efficiently as possible. Most trustees have university degrees as well as certification following a three-year bankruptcy and law course. Bankruptcy trustees have a number of different responsibilities and can provide numerous services in addition to bankruptcy.
Trustees and Bankruptcy
The bankruptcy trustee in Edmonton works to protect the rights of both the debtor and creditor during a bankruptcy. A trustee’s main responsibility during a bankruptcy is to sell your assets and distribute the proceeds to your creditors to help settle your debts. The trustee will also handle all of the paperwork and filing that comes with bankruptcy.
The bankruptcy trustee will also keep you informed throughout the bankruptcy process regarding what to expect, how the bankruptcy works, what assets you can and can’t keep during a bankruptcy, and will answer any questions you have regarding the process and your personal situation.
Trustees and Consumer Proposals
Bankruptcy trustees also work to help people develop consumer proposals. If you are considering Bankruptcy and visit a trustee, he or she may recommend a consumer proposal instead. This is a legally binding agreement that allows you to settle your debts for less than you owe. You must meet specific eligibility requirements in order to create a consumer proposal, but if you are eligible, your trustee will probably recommend it over bankruptcy. The trustee then works as a negotiator between you and your creditors and helps you develop a plan to pay off your debt within the next 5 years. If your plan is approved, you will make payments to your trustee instead of your creditors.
Trustees and Financial Counseling
Extensive schooling and background training makes trustees qualified to provide financial counseling. Your trustee will most likely sit down with you and get a clear picture of your finances, including outstanding debt, assets, and income. He or she will help you develop a working budget. If poor financial planning or excessive debt was the cause of your bankruptcy or need for a consumer proposal, your trustee will help you better manage your finances and learn how to avoid excessive debt again in the future.
A bankruptcy trustee can be an invaluable resource during a bankruptcy. In addition to handling the legalities, he or she will provide you with financial counseling and inform you of any alternatives to bankruptcy you may be eligible for.
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