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Bankruptcy Trustees Cobourg & Port Hope
Welcome to our Bankruptcy Trustee Cobourg site! We hope the information we provide you with will be helpful. This site contain information about consumer proposals, credit counselling, wage garnishments, declaring personal bankruptcy and other related topics.
If you are having financial difficulty, trouble keeping up with your bills and payment commitments or maybe you have a wage garnishee ,we know what that’s like and can help. People just like you get in over their heads everyday, sometimes because of poor money management, loss of a job, sickness or business failures.
Bankruptcy trustees working in the Cobourg & Port Hope areas perform the same function as trustees in Toronto or any place else.
The website of the Superintendent of Bankruptcy describes trustees in bankruptcy as follows:
A trustee in bankruptcy is a person licensed by the Superintendent of Bankruptcy to administer proposals and bankruptcies and manage assets held in trust. The trustee can give a debtor information and advice about both the proposal and bankruptcy processes and make sure that both the debtor’s rights and the creditor’s rights are respected. If you are in the Ottawa / Kingston area all you need to do is Google bankruptcy ottawa to find Lazard and Associates, they are the best in the area.
When an assignment in bankruptcy is filed, a trustee is appointed. (This is almost always the trustee that does the filing.)
Now that the assignment is done, what does the bankruptcy trustee do?
He or She has basically 2 main Responsibilities:
- The first is to take your assets and sell them. For example, if you own any *unsecured real estate, maybe a cottage or home or valuable jewellery and art the trustee may decide to sell your property and use the proceeds to pay off or pay down the money you owe your creditors.
* (Unsecured real estate is property that has no mortgage or liens against it)
2. The second is to find and take whatever money they recover from you and distribute it to the creditors as part of the bankruptcy proceedings.
Your trustee will explain what you need to do in detail, to make certain that you complete your bankruptcy in the shortest amount of time possible.
Other Trustee Services
Bankruptcy trustees are not just for filing personal bankruptcy, they can also be of help in other ways.
Credit Counselling
Bankruptcy Trustees are probably the most highly trained and educated Credit Counselling professionals in our country. The majority of which have both an accounting designation and a university degree. In addition they all must study and pass a rigorous three-year bankruptcy and law course and be investigated by the Royal Canadian Mounted Police prior to being given a trustee license. Ongoing professional development is mandatory. The point being you are in good 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 debt counsellors don’t.
Our Bankruptcy trustees in the Cobourg and Port Hope areas can provide profession debt counselling to help you get your back on your feet financially.
Trustees also do Credit Proposals
Our trustees can help you make a consumer proposal to your creditors to avoid bankruptcy by making arrangements with your creditors on your behalf to find an agreed upon plan for the repayment of the debt. This often includes the stopping of interest accruing and often a reduction of the principle amounts owing.
If a trustee believes you need the assistance of independent legal advice he will refer you to an insolvency lawyer. In some cases the bankruptcy trustee will be able to give you a solution or result that won’t cost you anything perhaps avoiding bankruptcy all together.
When dealing with a trustee you are protected as follows:
- By the fact that the federal government regulates trustees;
- By the stringent code of ethics to which all trustees are subject;
- By the mechanism in place to mediate any dispute you may have.
We strongly advise you to contact a bankruptcy trustee in your area, as he or she can point you in the right direction and help you determine which option is best for you and your family. Your first consultation will be free.
