Trustee In Bankruptcy Waterloo
The market is currently flooded with debt advice that businesses offer to help consumers with excessive debt. The vast majority are unlicensed and unregulated ‘debt consultants‘ not licensed insolvency trustees. Many simply charge a substantial fee and then simply refer debtors to a licensed insolvency trustee to deal with their debts. Then those bankruptcy trustees push their clients towards strategies like, filing for bankruptcy, consumer proposal, and credit counselling, that severely damage your credit. Expert Mortgage wants to hear from you first if you are considering these strategies. Through debt consolidation and refinancing, we can get you on the path to financial freedom and credit repair. Don’t accept the advice of a trustee in bankruptcy in Waterloo. Go with the professionals at Expert Mortgage! Read on for more information.
The first step in deciding to go with the professional team at Expert Mortgage, is to understand what a bankruptcy in trustee does, and what their purpose is:
What services do they provide?
Licensed insolvency trustees are the only persons permitted to administer bankruptcy and insolvency procedures in Canada. Typical services include assignments in bankruptcy, but also proposals to creditors. In fact, proposals to creditors, also called consumer proposals, now account for a significant portion of most licensed insolvency trustees work (that’s one of the reasons they changed the name from bankruptcy trustees). While there are a vast array of non-trustees advertising consumer proposals (sometimes disguised as government debt relief programs) only a licensed insolvency trustee can file either of these proceedings.
Who do they work for?
While most licensed insolvency trustee work with a bankruptcy firm or company, every consumer proposal or bankruptcy filing in Canada is assigned to a specific individual trustee. At the end of the day, if a trustee makes an error, it is their personal license that is at stake, that’s why the training, educational, and practical experience requirements to become a licensed insolvency trustee are so high. Having said that, an LIT has a duty of care to all of the stakeholders involved in the insolvency process. This includes the debtor who has filed a bankruptcy or a consumer proposal, their creditors, as well as the community at large and the insolvency system.
What do they do?
Licensed insolvency trustees are required by law to meet with individuals before they may file an assignment in bankruptcy or a proposal to creditors. The purpose of the meeting is to perform a debt assessment, to allow the trustee to review the debtor’s situation and all of the various options that may be available to resolve their problems. A significant portion of the people that meet with a licensed insolvency trustee don’t actually need to file bankruptcy or a consumer proposal. They needed someone to help them understand their problem and provide guidance on how to resolve their debts. One of the greatest concerns about the non-licensed debt counselling businesses offering consumers debt relief is they often counsel people into the solution that generates additional, unnecessary fees, or one that may not succeed, as opposed to the best solution for the individual.
With Expert Mortgage on your side, you can experience debt relief quicker and safer. Through debt consolidation and refinancing, you can pay down your debts in a manageable way, while also repairing your credit score, AND NOT DAMAGING IT. For more information about our debt relief strategies, please feel free to continue browsing through our website. Click here to find our contact information and to fill out our contact form.