Types of services offered by an insolvency trustee
Services offered by an insolvency trustee to help you dealing with debt
Types of services offered by an insolvency trustee in Ontario include: filing and monitoring bankruptcy proceedings, managing assets and liabilities, determining the scope of creditors’ claims and negotiating settlements with them, formulating payment plans to creditors, and providing advice on debt-related issues. Trustees are also responsible for ensuring that all documents related to the bankruptcy process are completed in a timely manner. They must provide accurate information to creditors and other parties involved in the case, including court-appointed receiverships or trusteeships.
Trustees must maintain confidentiality regarding their clients’ financial affairs; they have an obligation under law to protect this information from unauthorized access or disclosure. Trustees can assist individuals who are facing overwhelming debt by helping them devise innovative solutions to help manage their debts and make improvements to their financial situation.
Trustees can help individuals who are struggling with unmanageable debt by providing:
- Solutions to create an effective payment plan, including budgeting advice and counselling services;
- Debt Counselling;
- Support for restructuring finances and assets to minimize impacts on creditors;
- Advice about bankruptcy and filing for one if necessary;
- Negotiations with creditors to reduce or cancel debts where possible;
- Representation at court hearings related to bankruptcy and other insolvency Ontario proceedings;
- Creating a personalized consumer proposal, which can reduce your debt by up to 80%;
- Identifying and creating a consolidation loan plan;
- Navigating through the financial protection legislation;
- Creating a Debt reduction plan;
- Writing and sending a letter to creditors;
- And many more…
A unique solution for you
If you’re facing insolvency, consider Dana Trustee for your Trustee needs. We provide comprehensive services related to bankruptcy, consumer proposals and other forms of insolvency. Our team is committed to helping you manage your finances and assets to minimize the impacts on creditors. Contact us today for a free consultation!
By getting expert assistance from an Insolvency Trustee, you can take back control of your finances and get on track to achieving financial freedom. Don’t let debt weigh you down.
Articles we prepared on Insolvency Trustees in Ontario
Business Bankruptcy Alternatives
Companies face many daily risks as they run businesses in the economic marketplace. These risks may create risky situations where companies cannot continue normal operations. If your business is struggling with debt, filing for bankruptcy is not the only way. Hence,...
Undischargeable Debts in Bankruptcy
Bankruptcy is a legally binding arrangement that unleashes you from your unsecured debt. The bankruptcy procedure demands the debtor surrender their assets to a Licensed Insolvency Trustee, who then sells them to pay off creditors. Bankruptcy does not cover secured...
Is Bankruptcy the Best Option for Me?
Filing bankruptcy gives you rapid protection from creditors and a refreshed financial start by brushing out specific debts like credit card debt, medical debt, and payday loans. So, when you’re in financial hardship, declaring bankruptcy may sound like the only way...
How Much Does Bankruptcy Cost in Canada?
It is a fact that it costs money to claim bankruptcy in Canada. The bankruptcy cost varies for each individual as it depends on monthly income, expenditures, family size, and investments. A LIT assists you throughout the bankruptcy process; hence LIT can only provide...
Getting Started with Bankruptcy: A Step-by-Step Guide
There are several reasons why people discover themselves when they sense Bankruptcy is their only option. However, if someone is filing for Bankruptcy, the outcome and goal are always the same: to clear away debt they cannot pay off otherwise. Learn how to file a...
Bankruptcy types in Canada
Deciding to file for Bankruptcy is challenging for most people. It's when you go in front of a judge and inform them you cannot pay your debts. Hence, relying on your situation, they either erase your debts or create a plan for you to pay them back. There are various...
Should I open a new bank account before filling for bankruptcy in Ajax?
Before you file for Bankruptcy or a Consumer Proposal when you owe money to your bank, it is advised you should open a new bank account. Money owed to a bank can come from many sources, including unsecured debts such as credit cards, loans, or an overdraft account. It...
What to expect when filing for Insolvency in Ontario in your 40s?
In your 40s, you should build assets to help you transition into retirement. It can therefore be very frustrating when you find yourself with many debts to repay at this stage, unlike if you were in your 20s. And it is unlikely that you would be able to build wealth...
Are you a home owner or a tenant ? Dealing with debts during COVID-19 pandemic
Introduction The COVID-19 pandemic has created turmoil in people's lives for a long time. The real estate industry is no exception. Owning or renting a home can be an expensive undertaking during this pandemic. Other than the initial down payment, when you own a...
Consumer Proposals vs Personal Bankruptcy: Which is better?
Introduction Most citizens file for personal bankruptcy or consumer proposals in Canada, making them the best insolvency options for a person facing financial troubles. Consumer Proposals and Personal Bankruptcies are under the Bankruptcy and Insolvency Act. Each of...
A Consumer Proposal is your Chance
for a Fresh Start.
1-800-665-9965