Did you know that bankruptcy trustees in Lethbridge, Alberta follow different government guidelines than bankruptcy trustees in Hamilton, Ontario?
Although all Canadian bankruptcies follow the provisions of the Bankruptcy and Insolvency Act (BIA) there are differences across provinces making it necessary for a resident of Lethbridge to get help answering bankruptcy questions from a bankruptcy trustee in Alberta.
How can a bankruptcy trustee in Lethbridge help you if you are one of the thousands of Canadians struggling in these tough economic times?
The general and obvious answer is they can deal with whatever questions you might have about filing personal bankruptcy in the Province of Alberta. However, let’s look at seven specific ways they can help you, both before and after declaring personal bankruptcy.
Before Filing for Bankruptcy
- Provide a precise assessment of your current financial situation.
- Review all available debt solution options with you.
- Advise you as to which option is best for you.
After Filing for Bankruptcy
- Prepare and file the necessary paperwork.
- Inform your creditors of the filing and arrange meetings if necessary.
- Manage the bankruptcy process, including arranging counseling sessions.
- Secure a court ordered discharge from bankruptcy.
Some people in a deteriorating financial situation wait to get help from a bankruptcy trustee until they have no other choice but filing for personal bankruptcy. You should know that bankruptcy trustees in Lethbridge and all over Canada are debt solution professionals who can advise you about alternatives to bankruptcy that might be available for your situation. However, waiting too long all too often eliminates these options.
Before filing for bankruptcy, a licensed trustee will help you prepare a detailed statement of everything you owe – both your total debt and your monthly payments – and everything you own – your total assets, including your home, cars, investment accounts, savings and checking accounts, and other possessions. They will also include all sources of current income and any potentially significant increases in income.
Based on this assessment the bankruptcy trustee will review options with you. Many Canadians who fear losing their homes in personal bankruptcy are unaware there is an alternative to bankruptcy – called a Consumer Proposal – which will allow you to protect your assets from seizure and sale in bankruptcy.
After filing for bankruptcy the trustee will handle all the paperwork and becomes basically a financial guardian of your assets and income during the process. Many filers find the required counseling sessions to be the most helpful and forward looking aspect of the bankruptcy process. The bankruptcy trustee will arrange for these sessions where you will not only examine what aspects of money management caused you problems in the past, but also how to avoid them in the future.
In summary, bankruptcy trustees in Lethbridge not only manage the process if you decide to file, they also can be an invaluable source of help in determining whether or not declaring personal bankruptcy is the best way for you to manage your debt crisis.
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