When facing insolvency, it’s fairly common to seek out a trustee to help you learn more about your situation and discover options that can get you out of a bad financial situation.
However, that’s a very general description of their role, so here’s a bit more information to help you understand what they do.
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Trustees aren’t bailiffs
People often confuse a trustee for a bailiff.
Contrary to what you might think, a trustee doesn’t seize your properties and they are not collection agents.
This is a common misconception because trustees often facilitate a bankruptcy claim.
However, they don’t actually collect your assets.
Instead, they can help you understand which assets you can keep based on provincial laws.
Trustees can be trusted with your privacy
Trustees can sometimes be difficult to speak with because you’re explaining your full financial situation to them.
As a result, you might face trust-related issues, or you might be worried about getting judged.
Thankfully, trustees respect your privacy and you don’t even need to involve your family when talking with them.
Trustees can help you solve financial problems
One of the main reasons to work with a trustee is to solve a financial problem.
However, instead of just providing a solution, trustees can actually negotiate with your creditors and provide you with solutions that actually relieve you of debt.
They’ll also help analyze your financial situation so you can avoid getting in debt in the future.
It’s important to take a holistic approach to solve your financial problems, and working with a trustee is one of the most efficient ways to do this.
Trustees don’t just help you with bankruptcies
People often contact a trustee to get help with a bankruptcy.
However, it’s important to understand that bankruptcy isn’t the only way to deal with severe debt.
There are other solutions such as debt settlement plans and a consumer proposal that your trustee might suggest as an alternative.
If you’re facing some kind of debt, then speaking to a trustee will help you better understand your options.
Trustees represent you
Trustees act as a shield that represents you in the face of creditors.
Once you’ve partnered with a trustee, creditors can no longer harass or even contact you about your debts.
Instead, all of your collection calls will go to the trustee and they’ll deal with any confrontation that you have to face.
If you find it stressful to deal with creditors or any other financial entities, then working with a trustee can take a load off your mind and give you more space to think.
If you’re interested in working with a trustee, don’t hesitate to get in touch with us today to learn more.