Filing for bankruptcy is not always an option for many Canadians because the truth is, few Canadians really understand the bankruptcy process. More often than not, Canadian debtors who would benefit from the debt relief provided by bankruptcy protection will pursue less effective debt management methods because of the inaccurate and misleading information they’ve come across about bankruptcy. It’s critical that anyone struggling with debt get the right answers to bankruptcy questions and bankruptcy trustees are the most reliable source of that information.
Some of those who have been misled by incorrect bankruptcy information have gotten their information from the Internet. While there is a wealth of information to be found on the web, it’s usually general in nature and it’s difficult to apply to your own personal situation. Canadian bankruptcy law mandates that anyone filing for bankruptcy consult with a licensed bankruptcy trustee.
Trustees are the only debt relief professionals supervised, trained, and certified by the federal government.
Trustees must undergo rigorous training in order to become licensed by the Office of the Superintendent of Bankruptcy. They are held to the highest of standards and are the most trustworthy and knowledgeable debt advisors in the industry.
Trustees can do much more than assist debtors in bankruptcy preparation and proceedings.
The Bankruptcy and Insolvency Act (BIA) requires trustees to counsel those who come to them on all available debt solutions. They can recommend options other than bankruptcy if your finances warrant it, including, but not limited to budgeting, credit counselling, debt consolidation, consumer proposals and more.
Trustees are experts at diagnosing your situation and recommending the best debt management methods.
Most trustees, aside from having received training and certification from the Office of the Superintendent of Bankruptcy, also have educational and professional experience in accounting and related fields, adding to their expertise and experience in debt management. A trustee will conduct a complete assessment of your finances and create a tailored solution to fit your unique needs.
A trustee is not only a source for accurate and reliable answers to bankruptcy questions – a trustee can provide you with a solid plan to get out of debt, rebuild your finances and get back on your way to financial solvency.