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Serving Kentville and Halifax Areas

Call: 855-733-3032 / 902-365-3032

Why You Need A Licensed Insolvency Trustee

Struggling to make your monthly payments? Or maybe your business is facing bankruptcy? Whether you’ve got personal or business debt, it can leave you feeling stressed out and unsure of where to turn. Luckily, there is a solution: a team of experts ready to help you with your debt. Debt doesn’t have to be a lonely struggle. This is where a Licensed Insolvency Trustee comes in.

What is a Licensed Insolvency Trustee?

You’re probably wondering, what exactly is a Licensed Insolvency Trustee or a bankruptcy trustee? In the simplest form, a bankruptcy trustee is a debt consultant. They are professionals trained to provide services and offer advice to any individual or business experiencing financial problems.

Licensed Insolvency Trustee Kentville & Halifax NS

Licensed Insolvency Trustee Kentville & Halifax NS

What do they help with?

A Licensed Insolvency Trustee can help with any debt-related issues, whether you are facing personal or corporate bankruptcy, or your debt is simply heading in that direction. In fact, if you are planning to officially file for bankruptcy, you will be required by law to consult with a bankruptcy trustee as they will be the one to complete the process.

Bankruptcy as an individual

If you are seeking to file for bankruptcy as an individual, a Licensed Insolvency Trustee will help you to fill out a consumer proposal. What is a consumer proposal? This is a debt management solution proposed as a compromise between the debtor and the creditor. It can include extending payment deadlines, eliminating interest fees, or even shrinking the total debt amount. A consumer proposal can be filed for anyone with a debt at a maximum of $250, 000, not including a principal mortgage.

Bankruptcy as a business

On the other hand, if you are looking to file for bankruptcy as a business, a trustee in bankruptcy will help you to file under the Bankruptcy and Insolvency Act. What does it mean to file for bankruptcy? This is a legal process whereby a business that cannot repay its debts files to be discharged from said debts based on a certain set of conditions.

Why should I consider a bankruptcy trustee?

The best reason to consider a bankruptcy trustee is ultimately for effective stress management. If you are dealing with financial difficulties on any scale, the stress of the situation will inevitably affect you at some point, leading to hasty decisions and impaired thinking. By contacting a bankruptcy trustee, you can mitigate all these negative effects by working with an expert to develop a plan to not only fix the situation but possibly to build on it, creating a safeguard against future debt-related issues. Here are some other great reasons to consider booking a consultation:

1.       They can guide you through your full range of options.
This can pertain to things like administering a government insolvency proceeding or they can be made more specific to those with significant debt.

2.        They can deal with creditors for you.
Once you have filed with the government, a Licensed Insolvency Trustee will communicate with creditors on your behalf, as well as protect you from unsecured creditors trying to take advantage of your situation.

3.       They are qualified.
Not only do they meet all the education and skill requirements, but they are also specifically licensed by the Office of the Superintendent of Bankruptcy (OSB).

4.       They are federally regulated as are their fees.
Take comfort in knowing that these trustees are required to follow the federal standards and code of ethics.

5.       They are easy to find.
There are Licensed Insolvency Trustees around the country, and an easy way to find one is to access the Licensed Insolvency Trustee Registry or by performing a simple Google search.

Meeting A Licensed Insolvency Trustee in Nova Scotia

Meeting A Licensed Insolvency Trustee in Nova Scotia

What are the differences between a bankruptcy trustee, a credit counselor, and a debt settlement business?

Good question! By nature, all these roles involve offering financial advice in the face of debt; however, they remain different in their abilities. For instance, a Licensed Insolvency Trustee is not only able to offer advice on how to repay your debt, they are also the only one of these three groups that can legally file for a consumer proposal or bankruptcy on your behalf.

On the other hand, a credit counselor and a debt settlement business can only do the former: they can help you create budgets for debt repayment and give you any kind of advice you need for the situation you are in. What they cannot do is legally file it for you, making the Licensed Insolvency Trustee a better option to start with if you know you will need to legally file for bankruptcy with the government.

Contact a Licensed Insolvency Trustee near you for more information

If you are being harassed by collection agencies, are struggling with debt, or have any other worries regarding your financial situation, contact a Licensed Insolvency Trustee firm like Golding and Associates for a confidential consultation to learn your options. They can help you with all the above, including filing for a consumer proposal or for bankruptcy, as well as offering counselling for debit and credit issues.

Book your consultation today for a free, highly informative and supportive call with a Licensed Insolvency Trustee!