Life is unpredictable, and sometimes people find themselves in dire financial situations they never could have anticipated. Even people who budget carefully and spend prudently can find themselves struggling to make ends meet if an accident injury or illness prevents them from working, and fate sometimes deals cards that are impossible to play. When financial situations become unmanageable and debt collectors are calling every day, a licensed insolvency trustee may be able to help.
What is a Licensed Insolvency Trustee?
Once called bankruptcy trustees, licensed insolvency trustees are debt relief professionals who help individuals and organizations who are struggling to pay their bills. Licensed insolvency trustees operate under the authority of the Office of the Superintendent of Bankruptcy, and they are required to follow federal and provincial law and act in the best interests of their clients. As a result of the regulated nature of their work, they are trusted by creditors and lenders.
Avoiding Scams
There are hundreds of companies that take advantage of people in financial difficulties. These companies sometimes claim that they can convince creditors to settle debts for pennies on the dollar or forgive them entirely, but this almost never happens. The vulnerable people who fall victim to these companies spend money they cannot afford to spend and usually find themselves in worse positions than when they started, and they almost never get a refund. Licensed insolvency trustees know all about these predatory companies, and they can prevent their clients from becoming their victims.
Credit Counselling and Budgeting Advice
Licensed insolvency trustees are sometimes able to help their clients escape from unmanageable financial situations by examining their budgets and identifying the issues that led to their problems. In some situations, a few budgetary adjustments are all that are needed to get people back on the right track. During credit counselling sessions licensed insolvency trustees explain the options that their clients have and the advantages and disadvantages of each of them.
Working With Creditors
Dealing with creditors can be frustrating and infuriating even for people who are not struggling to cope with overwhelming debt. Licensed insolvency trustees are respected by creditors, and they can often negotiate concessions that make life easier for their clients. They may also be able to convince creditors to stop making the daily debt collection calls that can make life miserable for people with financial problems.
Navigating the Bankruptcy Process
A personal or business bankruptcy is often the best or only way to escape an unmanageable financial situation, but the rules are strict and the paperwork complex. When bankruptcy is the most viable debt relief option, licensed insolvency trustees can guide individuals or companies through the process and help them prepare the necessary forms.
A Fresh Start
Licensed insolvency trustees are professionals who help people and businesses cope with seemingly unsolvable money problems. They help their clients to avoid scams, work with them to figure out what went wrong, and provide them with an opportunity to escape debt and make fresh financial starts. Look for a licensed insolvency trustee in your area and don’t delay paying off your debt.
