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Bankruptcy Trustee Oshawa | Credit Counselling Oshawa
Welcome to our Bankruptcy Trustee Oshawa Whitby site! We have tried to make the information on this site to be helpful to those looking for information regarding consumer proposals, credit counselling, wage garnishments, declaring personal bankruptcy and other topic related to financial issues.
If you are having problems keeping up with your bills and feel like you are going nowhere or even backwards getting deeper and deeper in debt and having less and less money to pay your bill then you are not alone!
Bankruptcy trustees working in the Oshawa Whitby area do the same things as trustees do any place else in Ontario.If you live in the Ottawa area you may want to contact bankruptcy Ottawa trustee Jean Lazard.
You can check out the link here to the website of the Superintendent of Bankruptcy to find out more about what there role is but we will give you a good over view here.
How Bankruptcy Trustee in Oshawa Whitby Qualified?
A trustee in bankruptcy is someone who is licensed by the Superintendent of Bankruptcy to carry out various duties. There job is to administer proposals and bankruptcies and manage assets that are held in trust. The trustee gives you, the debtor, information and advice the bankruptcy processes and makes sure that both the debtor’s rights and the creditor’s rights are respected under the law.
In the event that an assignment in bankruptcy is filed, a trustee will be appointed. (This is usually the same trustee that does the initial filing.)
What Happens next?
The Trustee’s main responsibilities are:
(A) The first thing the bankruptcy trustee will do is determine what secured and unsecured assets you have. An unsecured asset is something you own of value that does not have a lien or any kind of legal claim against it. If you own a house with a mortgage for example, that would be a secured asset – in other words the person (bank) holding the mortgage would be paid first if the house was sold. The balance of the money once the mortgages have been paid would then be distributed to the other creditors.
Unsecured assets could be art, jewellery, coins, boats, vehicles etc that you own outright. The trustee will sell these unsecured assets and use the money from the sale to pay down your debt.
(B) The second is to take any cash you have and distribute it to the creditors as part of the bankruptcy proceedings.
Other Trustee Services
Bankruptcy trustees are not just for filing personal bankruptcy, they can also be of help in other ways by giving credit counselling and doing proposals to your creditors that doesn’t involve personal bankruptcy.
Credit Counselling
In terms of training and education Bankruptcy Trustees are probably the most highly qualified Credit Counselling professionals in the Oshawa Whitby area. Most of which have both a university degree and an accounting designation. They all also must pass a difficult three-year bankruptcy and law course and as well as having to be cleared by the Royal Canadian Mounted Police prior to being given a license. There is of course ongoing mandatory professional development. This assures you that you are in capable hands.
In most cases the fees for credit counselling will cost you less than other Debt Consultants because trustees have their fees regulated by the Canadian government where as private credit counsellors don’t.
Our Bankruptcy trustees in the Toronto area can provide profession debt counselling to help you put your finances in order.
Trustees can also help you with Credit Proposals
Our trustees can facilitate a proposal to your creditors by making arrangements with your creditors, on your behalf, to hammer out an agreed upon repayment plan of the debt. This usually includes a couple of important benefits to you. Often the creditors will agree to stop charging you interest. This is a major concession and keeps you from going into further debt. The other thing is the reduction of the balance you own them which can reduce what you owe by 50% or more.
If a trustee believes you need the assistance of independent legal advice he will refer you to an insolvency lawyer. Each case is different and most often this is not necessary.
Dealing with a Trustee gives you the following protection:
- Trustees are government regulated.
- They have a stringent code of ethics they must adhere to.
- They have legal status to mediate any dispute.
When it comes to the matters discussed here we strongly recommend you to contact a bankruptcy trustee in Oshawa Whitby, as he or she can point you in the right direction and help you determine which option is best for you and your family. Why not contact a bankruptcy trustee in the Oshawa Whitby area for your free consultation.
