What everyone should know about the bankruptcy trustee?
There are these professionals that nobody wants to meet: the dentist, the doctor, the lawyer, the usher… and the trustee. However, you should know that all these people have the ability to help you solve your problems (health, legal, financial, etc.). Consulting a professional is always the right decision.
The profession of trustee in bankruptcy is a little-known profession and is often the subject of urban legends. Unless you go bankrupt yourself, not many people know exactly what the role of the trustee is. This article will help you better understand the profession and how a trustee can help you if you have debt problems.
1. The trustee in bankruptcy helps you solve your financial problems
The trustee has a clear mission: analyze your financial situation and propose solutions. As a result, the trustee can find common ground between the indebted person and his creditors. In this way, the person who previously whirled in a sea of problems can now make a fresh start.
2. The trustee does not “seize” all your possessions
It is not uncommon to see people confuse the usher with the trustee. Depending on the solution you choose to get out of debt, you will retain the majority of your assets. Whether in a bankruptcy or a proposal, your essential assets are protected.
3. The trustee respects your confidentiality
Going to meet a trustee in bankruptcy to discuss your situation can be scary. But do not worry, the trustee and the counselors have a lot of experience in the field. It will not judge you and they will even take care to protect your privacy. Your relatives will not know unless you tell them about it.
4. Consulting a trustee does not necessarily mean going bankrupt
Bankruptcy is not the only solution a trustee can offer you. In fact, the trustee analyzes your situation and offers you the one that is the best for you. This can range from simple reorganization of the budget to personal bankruptcy depending on the severity of your case. In addition, there are legal alternatives to bankruptcy such as the consumer proposal.
5. The trustee in bankruptcy represents you before your creditors
Once you use the services of the trustee, your creditors can not contact you directly. This means no longer receiving collection calls and the end of the harassment. From now on, your trustee handles communications with your creditors.