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The Ideal Time to Contact a Bankruptcy Trustee

Posted by in Bankruptcy
10
Apr 2014

Bankruptcy TrusteeBankruptcy is one of those topics that no one really likes to discuss, unless we are talking about someone else losing all their stuff. To say that there is a mountain of negative associations with the word bankruptcy is a huge understatement.

However, there are times in life when you get yourself into a tight financial spot, despite your best intentions. In these situations, the most sensible thing to do is find a solution to your problem, and sometimes calling a bankruptcy trustee is the best way to find the solution you need.

A bankruptcy trustee is a financial expert who has been licensed by the Superintendent of Bankruptcy in Canada to administer bankruptcies and work with people who are having debt troubles. Here are some good times to consider calling a bankruptcy trustee:

You Want to File for Bankruptcy

Naturally, this is the primary reason licensed bankruptcy trustees exist, so it should be on top of the list. If you think you’ve made the decision that bankruptcy is the way to deal with your current financial situation, you will need to speak with a bankruptcy trustee. A trustee will help guide you through the process and file the appropriate paperwork so it’s all legal and every creditor has been addressed.

Serious Financial Issues

Of course, you don’t have to have bankruptcy on your mind to contact a bankruptcy trustee. If you’re having trouble dealing with your monthly debt load and you’re falling farther and farther behind, speaking with a bankruptcy trustee may be the best thing to do.

A bankruptcy trustee is trained to manage and/or sell assets, provide debt counseling and deal with your creditors so you no longer have to. They are experts at giving financial advice, and they’ve seen and helped financial situations that are far worse than yours.

Changing Perceptions

It’s important to keep in mind that despite the name, a bankruptcy trustee isn’t focused solely on filing bankruptcies. Like any other service provider, they want to help their clients find solutions. They look at all the options and suggest alternatives and help you formulate a plan of attack to get your financial life back in order.

They may suggest bankruptcy and they may not, but picking up the phone and talking it over doesn’t obligate you to take action one way or the other. If you’ve been having problems and you aren’t sure how to proceed, Contact Us today and we’ll help you figure it out.

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