A Guide To Choosing an Insolvency Trustee – Questions to Ask

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If you have uncontrollable debt levels in your life, either a consumer proposal or bankruptcy might be the option. Nevertheless, it is vital to realize that a Licensed Insolvency Trustee (LIT) administers both. To decide which choice is right for you and walk you through the process, you must contact a Licensed Insolvency Trustee.

Here is the list of five questions to ask before choosing a trustee.

Does the Federal Government license you?

The answer should be “Yes,” as the Federal Government licenses all the trustees in Canada. You should confirm that you are dealing with a Licensed Insolvency Trustee and not an unlicensed debt consultant who advertises details about individual bankruptcy. They are the middlemen who charge you a fee before passing you off to an actual trustee. Thus, you could be wasting both your time and money if you are not dealing with licensed trustees. Do not fall into this “unlicensed” trap.

What information do you need for the initial consultation?

You should provide your trustee with as much information on your financial life as possible to ensure they can provide helpful advice. Some of the information that the trustee need is your debts, assets, and monthly income to analyze and study your current financial situation. If you have more queries or doubts, you can always bring more details than you need, and the trustee will help you sort out the relevant ones. If a trustee books a consultation without asking for specific information, your meeting shall not go on productively.

When will I meet a licensed trustee?

Sometimes, you might not meet with a licensed trustee at the beginning of the process. Often, a counsellor or a sales individual will encounter you at the trustee’s office. They will talk with you and collect all the required information for the paperwork. You need to make sure that you have made the right choice. A trustee will meet with you before completing a filing of bankruptcy or a consumer proposal. This final meeting makes you understand your alternate options, the option you have selected, and your commitments throughout the process.

Who will be in charge of the claim that I filed?

You have to ensure that the trustee always provides you with contact information to assist you and provide support when necessary. It would be even good to get a list of all those important extensions in the firm and their email addresses. Above all, your trustee is also available if you have specific questions or want to arrange a meeting to discuss anything in particular.

Once I am discharged, what help can you offer me to get back on track?

Besides helping you file a consumer proposal or a bankruptcy, all trustees provide two counselling sessions. However, some trustees also offer additional tips and resources to rebuild your credit and manage your financial life.

Are you struggling with debt problems in your life? Do you want to get assistance and support from experts? If so, contact Dana MacRae – Licensed Insolvency Trustee, for a free and confidential consultation. 

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