When you need help with your finances, there are endless places to turn to.
Unfortunately, they don’t all provide the accurate, impartial guidance you need.
Debt management services, in particular, are offered by a number of companies and organizations.
However, limited regulation means that they may not be able to offer the expert assistance you need to overcome your debt problems.
When it comes to resolving unmanageable debt, it’s important to talk to someone with detailed knowledge of the debt solutions that are available to you.
By obtaining debt management services from a trustee, you can be sure that you’re getting reliable, accurate and authentic advice.
To find out why it’s worth speaking to a trustee about your debts, take a look at the help they can offer:
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1. Assessing your financial circumstances
Before a trustee begins to look at potential debt solutions, they’ll take the time to assess your financial circumstances.
This involves talking to you about your finances and analyzing any documentation you’re able to provide them with.
If you have credit card agreements or loan contracts, for example, it’s helpful to pass these along to your trustee.
Often, people in debt avoid dealing with the situation straight away.
This means you may not be up to date on your financial situation yourself.
By working with a trustee to assess your financial situation, you can overcome your hesitancy to deal with the situation and get on the road to debt-free living.
2. Examine all the options
Although trustees are often referred to as ‘bankruptcy trustees’ or ‘licensed insolvency trustees’, they don’t just deal with bankruptcy or insolvency.
In fact, a trustee will go through all of the options that are available to resolve your debt issues.
By explaining each type of debt solutions in context, you’ll have a clear idea of exactly what each one would mean for your finances and your lifestyle.
3. Licensed and regulated
Although many people call themselves ‘debt professionals’, there are relatively few regulations when it comes to offering generic ‘debt services’.
However, training to become a trustee is a long and rigorous process.
Qualified bankruptcy trustees are licensed by the Office of the Superintendent of Bankruptcy and are monitored to ensure they are acting in accordance with relevant regulations.
4. Experts in insolvency
If other forms of debt resolution aren’t appropriate in your circumstances, a trustee can help you to explore the possibility of filing for personal bankruptcy or making a consumer proposal.
As these processes can only be dealt with by a trustee, you won’t be able to get the level of detail or in-depth advice from anyone other than a trustee.
This means you can get a comprehensive understanding of every type of debt relief when you contact a trustee for advice.
Talk to a Bankruptcy Trustee Today
To talk to someone about your financial issues or to learn more about resolving debt problems, contact a trustee at Bankruptcy Canada now on (877) 879-4770.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?