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Get Help with Debt – Talk to a Licensed Insolvency Trustee in Coquitlam
If you are struggling with debt and having difficulty paying your bills and making ends meet, it could feel like there is nowhere to turn. You might think that there is no possible way that you can get help. This isn’t true. If you are having trouble handling your debt, there are a number of resources available to you.
One person who can help is a licensed trustee in bankruptcy. The name might sound intimidating but, don’t worry, speaking with a trustee doesn’t mean that you’re necessarily going to end up filing for bankruptcy. A bankruptcy trustee is an individual who has gone through years of training and is licensed and registered with the federal government. He or she is able to administer consumer proposal and bankruptcy processes. However, a trustee is also trained to review financial situations and provide information on the available options.
In addition, bankruptcy trustees are bound by a strict code of ethics. This means that they are required to inform you of all available options, not just those that they themselves offer. Other financial professionals may only have the experience or knowledge to give you details on a few options.
When Should You Look for Help?
If you are having difficulty paying your debts, you may be wondering if it’s time for you to speak with someone about your situation. While almost everyone has debt of some kind, there are a few signs that you may want to consider getting some help.
- If you’re unable to pay your debts as they become due
If you’ve gotten to the point where you can’t pay all of your bills, they you need to speak with someone and get some help. Missing bill payments can cause serious damage to your credit report which can affect you for many, many years.
- If you can only pay the minimum balance on your debt
Even if you’re able to make all of your payments on time, are you only able to pay the minimum? This can be a sign that you’ve leveraged yourself too far. One unexpected expense could cause you significant problems and make you fall behind on payments.
- If your debt is causing you stress
If you’re making all of your required payments now, but you’re losing sleep and feeling great stress about making ends meet, it could be a good idea to talk to a financial professional before the situation gets any worse. Financial stress can lead to a variety of health issues, so it’s a good idea to get help before this happens.
- If you’re hiding your debt
Many people end up hiding their debt from their spouses, partners and loved ones when their debt levels get too high. If you’re hiding the amount of debt that you have, you likely know that you’re in debt trouble. Get help while you can.
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Debt Relief Options in Coquitlam
Bankruptcy is not the only option available to those who have high levels of debt. Typically, bankruptcy is the last option that is considered and it is only pursued if all other options have failed or if there are no other options available.
Another common option that many people consider is called a consumer proposal. Like a bankruptcy, a consumer proposal is a legal process that is administered by a licensed trustee in bankruptcy. However, many aspects of a consumer proposal are much different.
In a consumer proposal, you make an offer to your unsecured creditors to repay them on terms that you can afford. In most cases, this means paying a portion of your debt in monthly payments for a specific period of time. Once you have completed the proposal, your remaining outstanding debt is forgiven. If you decide to go ahead with a consumer proposal, your trustee will determine what a fair offer to your creditors will be. This offer will then be sent to all of your unsecured creditors. If the majority of your creditors accept the offer, then all are bound by its terms.
If you are struggling with debt and looking for help, speaking with a licensed insolvency trustee is a good idea. Most trustees offer the initial consultation at no charge.
Get a Free No Obligation Consultation by Contacting our Coquitlam Office
Getting To Our Coquitlam Office
A.Farber & Partners Ltd. – Bankruptcy Trustee and Consumer Proposal Coquitlam Office Address