CanLaw Bankruptcy Answers
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What is a Trustee in Bankruptcy
Product description: How a consumer bankruptcies trustee will eliminate all your debt in a few days. How a Trustee helps you solve your financial problems
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What is a
Trustee in Bankruptcy?
What is a Trustee in Bankruptcy?
Trustees administer consumer bankruptcies, and formal and informal proposals.
The Trustee will give you information and advice about both consumer proposals and/or bankruptcy processes.
He/she will make sure that your rights, as well as those of your creditors, are respected.
Trustees also provide financial counselling, debt management and handle negotiation with creditors
What can a Trustee do to assist you with your financial problems?
Your Trustee will do the following for you:
- Evaluate your immediate problem such as total debt, collection problems, garnishees, judgments, creditor pressure
- Determine your overall financial situation and your ability to pay;
- Review your rights and responsibilities as well as what rights and responsibilities your creditors' have.
- Provide you with options such as . managing finances better, budgeting, debt consolidation, orderly payment of debts, proposal to creditors and bankruptcy.
- Make sure you understand all of the options available
- Recommend certain options over others.
You should ensure that your Bankruptcy Trustee is fully qualified and accredited by the Federal Government's Superintendent of Bankruptcy