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Finding the Right Vancouver Bankruptcy Trustee to Help You

bankruptcy trustee in VancouverIf you’re on the lookout for a Vancouver bankruptcy trustee, you may not be sure how or where to start. This makes sense, since most people don’t think about trustees in bankruptcy until they need them. You likely are unsure as to what you should be looking for in a trustee and wondering if there are any major differences between trustees and their practices.

There are a few major points to consider when searching for a Vancouver bankruptcy trustee. These points are similar to what you would look for with any professional service. They include:

  • Education
  • Training
  • Experience
  • Empathy
  • Accreditation/Licensing
  • Reliability
  • Track Record
  • Professionalism
  • And more

Trustees are licensed and regulated by the federal government to help those who have financial difficulties discover the options that are available to them and are uniquely able to administer bankruptcy and proposal estates. These professionals are bound by the Bankruptcy and Insolvency Act of Canada, which is a federal statute that governs bankruptcy and insolvency across the country. The Office of the Superintendent of Bankruptcy supervises the administration of this act.

Trustees make sure that your rights and the rights of your creditors are respected. They ensure that the debt elimination process is fair for everyone involved. Trustees are bound by a code of ethics and trained to answer any questions you may have regarding the options presented to you.

Finding a Trustee You Can Work With

There are many trustees in Vancouver. Finding the right one is important. You will want to choose a trustee who you can work with and one who provides you with the level of service that you expect. When you’re looking for a Vancouver bankruptcy trustee, here are a few factors that you may want to consider:

  • How long the trustee has been operating
  • How responsive the trustee is to your calls, requests and questions
  • How the trustee treats you and your situation
  • The level of trust you have in the trustee

A trustee in bankruptcy should provide you with the information that you need in order to make an informed decision for yourself. He or she should never push you to choose one particular option over another. It is ultimately your decision as to how you wish to proceed. It is the job of the trustee to use his or her knowledge and experience to review your financial situation and provide you with everything you need to make a decision for yourself.

It may benefit you to consult with friends or family members who have spoken to a Vancouver bankruptcy trustee before. Many people do not want to discuss financial situations and debt is a topic that almost everyone would prefer to avoid. However, by speaking openly about your situation and by discussing it with trusted individuals, you can find out key information on different trustees and how they work. This can help you make your decision.

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Getting Help from a Trustee

Most trustees will provide you with a free consultation where they will review your unique situation and provide you with the options available to you. Despite the name, a trustee in bankruptcy doesn’t just help you file for bankruptcy. Instead, he or she will outline a number of different options that could help your particular situation.

One option may be bankruptcy. If this is the option that you choose to proceed with, your trustee will provide you with all of the details you need and assist you in filing for bankruptcy.

Another option may be consumer proposal. A consumer proposal is a situation where an individual makes an offer to his or her unsecured creditors to pay back a portion of the outstanding debt. Once all payments have been made, the remaining outstanding debt is forgiven. A consumer proposal is made to all unsecured creditors. This means that you can include credit card debt, personal loans, unsecured lines of credit, overdrafts on bank accounts and other such debts in your proposal. If the majority of your creditors choose to accept the proposal, all are bound by it.

If you make the decision to go ahead with a consumer proposal, your trustee will help you complete the required paperwork and file it electronically with the federal government. He or she will also be responsible for speaking with your creditors during the process.

As you can see, a trustee has many responsibilities and duties. Therefore, when you’re looking for a Vancouver bankruptcy trustee, it’s important that you take the time to consider the options and make the choice that’s right for you.