Why You Should Have A Professional Licensed Insolvency Trustee
With the growing rise of debt worldwide, including Canada, many people find themselves in this predicament. However, despite bankruptcy being the most widely known solution, it is important to meet with a licensed trustee to discover that there are various alternatives – such as consumer proposals and debt consolidation loans.
A licensed insolvency trustee can help you find the most appropriate method to handle your debt. With the only authorization to handle such significant financial cases, these professionals are particularly necessary and helpful when you are dealing with high levels of stress. They act as the go-between for clients and creditors so individuals like you never have to face the lenders you owe directly or deal with your financial matters alone.
In Canada, you do not need to consult a bankruptcy lawyer. Licensed insolvency trustees are authorized by the Office of the Superintendent of Bankruptcy (OSB) and will help you decide on the best debt help solution. Once you move forward with it, most of your creditors are legally obligated to stop seeking payments from you. This will automatically help ease some of the worry that goes along with accumulated debt.
Unlike debt consultants, licensed insolvency trustees in Toronto, Scarborough, and across the country are members of the Canadian Association of Insolvency and Restructuring Professionals with the authority to offer advice and guide you through the process involved in settling outstanding payments, including debt counselling and negotiating debts with creditors.
Licensed insolvency trustees do not usually charge for an initial consultation. After your first meeting, any fees you incur are then regulated by the OSB to ensure you are not defrauded. These licensed financial advisors cater to your specific situation and weigh your options with you for paying off your debts. Although you may fear the need to file for bankruptcy when your finances seem uncontrollable, licensed insolvency trustees actually recommend alternatives to about 80% of their clients.
No matter what option you choose, licensed insolvency trustees are largely responsible for selling your assets to help you pay back your creditors. They do not specifically represent you or your lenders, but rather provide a sense of mediation to ensure both parties receive fair treatment. Creditors still deserve to be paid all or most of the money owed to them, but trustees will seek to minimize the lasting impact on your life. Consulting with your licensed insolvency trustees should help you to reach the least harmful solution.
Contact A. Miller & Associates Today
Licensed insolvency trustees like A Miller & Associates in Toronto and Scarborough are responsible for advising clients who have accumulated high amounts of debt that seem nearly impossible to pay off. While taking the initial step to consult with a trustee may be difficult, there is no downside in going for a free consultation. Contact the experts today.