When to Seek Bankruptcy Advice?
The trustees on this site offer a free initial consultation so if you have the least concern about a financial problem you should not hesitate to consult a trustee.
Here are some tips on when to seek bankruptcy advice:
- When you start to feel stress about your debt;
- Before you take monies out your RRSPs to pay your credit card bills;
- Before you borrow money from friends or family to pay a mortgage or other bills;
- Before arguments at home put the stability of your marriage at risk;
- Before you inherit money.
When people, suffering a financial crisis, call us they are often on the verge of making decisions that are detrimental to their financial health. They are often under severe emotional stress too. We can help tremendously with their financial situation and peace of mind which will also deal with the emotional stress.
When do Debtors Need to Seek Advice of a Bankruptcy Trustee? (When to Seek Bankruptcy Advice?)
- If creditors are initiating collection procedures?
- Are creditors threatening to call you a work?
- If creditors are threatening to garnishee your wages?
- Are they filing lawsuits against you?
- Is your mortgage lender in the process of foreclosure?
Bankruptcies or Consumer Proposals stop collection calls; stop wage garnishees and stop foreclosures and lawsuits. Perhaps most importantly, they allow you to discharge your consumer debts. Bankruptcy planning before making financial decisions is important. Undertaking those decisions with a Licensed Insolvency Trustee is important and recommended.
What Does the Bankruptcy Law Do for Me?
What is amazing about the bankruptcy laws is that it really does offer a “fresh start”. The Stay of Proceedings, which goes into effect as soon as the filing is made, stops all collection calls, and actions by unsecured creditors to collect on their debts. Wage garnishees, in place or contemplated also stop.
The vast majority of people keep all their assets and are out of bankruptcy in 9 months.
The typical cost is $1,800.00 payable at the rate of $200.00 a month for nine months.
You can set you mind at ease when you seek the advice of a Licensed Insolvency Trustee.
Trustees are regulated by the Government.
1. The cost of bankruptcies and consumer proposals are regulated by the Government.
2. Fees are the same no matter which trustee in Canada you use.
3. If there is a dispute, mediation is available.
Trustees are the best trained and educated debt professionals.
1. Most have a university education and are CPAs.
2. Must pass a rigorous three year bankruptcy law course.
3. Are investigated by the RCMP before being granted a Trustee License.
4. Ongoing education is mandatory.
Other qualifications of Trustees.
1. Trustees are officers of the court.
2. Licensed Insolvency Trustees do not work for the debtor or the creditors but have obligations to both. 3. Trustees are subject to strict codes of ethics set by the government and the CPAs.
4. Trustees are the only debt professionals who can prevent creditors, including CRA, from taking collection action against you.
5. Trustees are the only debt professionals who can stop wage garnishees.