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CANADIAN BANKRUPTCY EXPERT: GO TO A LICENSED INSOLVENCY TRUSTEE

canadian bankruptcy expertCanadian bankruptcy expert introduction

There are several misconceptions when it comes to the Canadian bankruptcy expert known as a licensed insolvency trustee and that the role of the trustee is only for the bankruptcy process. It is true that a licensed insolvency trustee is the Canadian bankruptcy expert, but it is not the case that a licensed insolvency trustee only can administer Canadian bankruptcies.

  1. Misconception # 1 is that trustees only deal with bankruptcy. Although you may know that a trustee is a Canadian bankruptcy expert, they’re also highly trained and educated debt consultants who, depending upon your particular circumstances, can offer you several alternatives which include credit counselling, debt consolidation and consumer proposals.
  2. Misconception # 2 is that because it is a legal process, you need a lawyer. Although you may have heard many radio commercials telling you that you need a lawyer if you’re going to declare bankruptcy, and if you are dealing with income tax debt to keep using a certain lawyer and not a licensed insolvency trustee, this is simply not the case. Even though it is is a legal process, to file bankruptcy in Canada you need the services of a licensed insolvency trustee. In fact, bankruptcies and consumer proposals can only be administered in Canada through a licensed insolvency trustee.

What is the role of a trustee?

The Office of the Superintendent of Bankruptcy (OSB) licenses trustees to administer bankruptcy proceedings. When you file for bankruptcy, the trustee becomes the administrator of your property and assets.

Why use a trustee instead of a debt settlement company?

Debt settlement companies can’t administer a bankruptcy or a consumer proposalONLY a licensed insolvency trustee can. In addition a trustee:

  • is federally regulated
  • has undergone a background check by the RCMP before being granted a licence
  • is subject to a stringent code of ethics
  • maintains his/her competency by completing ongoing mandatory professional development each year
  • The Federal Government and the Court regulate trustees’ fees and for consumer matters, they are usually less than the fees of the debt settlement companies who make unsubstantiated claims

What should you do if you or your company have too much debt?

If you’re dealing with serious financial issues, contact a trustee, who is the Canadian bankruptcy expert. For the reasons already given, you should do this whether or not you’re contemplating filing. The reason is very simple: the licensed insolvency trustee will assess your situation, offer you all of your available options and will do this for you for free! You can’t find a better deal anywhere.

We’re experts in dealing with debt. Contact Ira Smith Trustee & Receiver Inc. today for a free consultation and you will be well on your way to regaining your former quality of life Starting Over, Starting Now. Read our blog next week when we’ll be discussing how to choose a licensed insolvency trustee.

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Bankruptcy Expert Strategies For The Financially Challenged

A licensed insolvency trustee is the bankruptcy expert

Richard is unable to pay his bills, unsure what to do Richard knows he has to speak to someone but talking with a bankruptcy expert scares him. On the advice of a close friend, he contacts a Licensed Insolvency Trustee, a profes­sional licensed by the Office of the Superintendent of Bankruptcy Canada.

A bankruptcy expert can do more than just bankruptcies

While Licensed Insolvency Trustees can and do handle bankruptcies, they can also offer information about other possible options. These might include reworking his budget, consolidating his debts, selling his assets, or offering a proposal to his creditors. Whatever option Richard chooses, the trustee will thoroughly explain the process.

I have a lot of questions for the bankruptcy expert

Of course, Richard has many questions, all of which the trustee takes the time to answer as part of the free first consultation. Richard gets all the information he needs from the trustee. The Trustee explains that his options include:

  1. credit counselling
  2. debt consolidation
  3. consumer proposal
  4. bankruptcy

Richard now also understands what he needs to do for rebuilding credit. Knowing the options gives him the confidence he needs to take the steps necessary to get his financial house back in order.

Why use a licensed insolvency trustee instead of a debt consultant as your bankruptcy expert?

We:

  1. give the full range of options
  2. deal directly with creditors on your behalf
  3. are licensed by the federal government
  4. are federally regulated
  5. our fee is federally regulated
  6. are easy to find!

Do you have too much debt? Be like Richard and speak to a bankruptcy expert

Are YOU in financial trouble? Not sure where to turn? Regulated by the Office of the Superintendent of Bankruptcy Canada, Ira Smith Trustee & Receiver Inc. is there to help and we are the professionals who can file a consumer proposal or bankruptcy application in your name.

Are you insolvent and looking for solutions? The Ira Smith Team is here to offer alternatives to bankruptcy and bankruptcy. We offer help in Vaughan and throughout the GTA.

Are you a person or company who feels your situation is hopeless? Ira Smith Trustee & Receiver Inc. can prepare and put in place the plan MADE JUST FOR YOU. The plan will free you from the burden of your financial challenges. With our help, you will go on to live a productive, stress-free, financially sound life.

Our motto is Starting Over, Starting Now! Ira Smith Trustee & Receiver Inc. can help you overcome your financial difficulties. Contact us today.

THIS VLOG WAS INSPIRED IN PART BY OUR eBOOK – PERSONAL BANKRUPTCY CANADA: Not because you are a dummy, because you need to get your life back on track

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