Are You in Fear of Bankruptcy? Trustees Can Help

If you're reading this right now, it's likely that you fear the need to claim bankruptcy. Calgary trustees will find the best solution for you, suited to your unique situation.

A bankruptcy trustee is someone you can trust to help you through tough financial times. Each trustee has to undergo years of training, including a three year bankruptcy and law course as well as an RCMP investigation. Their wages are regulated by the government and your initial consultation is usually free.

A bankruptcy trustee will:

Provide debt counseling, explaining other options like debt consolidation Assist you in building a proposal to your creditors to avoid bankruptcy Negotiate settlement agreements between you and your creditors Sell your assets, when necessary, and use the money to pay your creditors in the case of bankruptcy

Bankruptcies in Alberta have more than doubled between 2008 and 2009. Over 10,000 people filed for bankruptcy in Alberta in 2009. You're not the only one facing financial issues, and you shouldn't feel alone out there. Take charge of your situation right away and learn what your options are.

A trustee will assess your situation and advise what your best course of action is, whether a consumer proposal, debt consolidation or a settlement agreement. Filing for personal bankruptcy is not always the best route, and may not be the best option if your income is too high.

A consumer proposal is available to those who are finding it impossible to make ends meet but don't want to file for bankruptcy. If you are between $5,000 and $250,000 in debt and have steady employment where you can afford to make monthly payments, you may be able to go this route. Through a proposal, you can make an agreement with your creditors to pay back a portion of what you owe over a specified period of time and you won't lose your assets.

A debt consolidation loan requires that you to take a loan from a bank or other lender, and group all your bills into this one loan. This can save you a lot in interest fees and will get creditors and collection agencies off your back. The interest rate of the load is usually much less that you would pay for most credit cards. With a consolidation loan you're making one monthly payment to one account but you must be able to show you'll be able to make this payment, and you have to have a decent credit rating to qualify. With lower interest rates you'll watch your debt shrink much faster than you would if paying of creditors individually.

A bankruptcy trustee will advise you on your own unique situation, each situation is different. Do not be afraid to seek help from someone that is qualified to provide it. They have the expertise, experience and follow a strict code of ethics as imposed by the Office of the Superintendent. Your initial consultation is usually free and you will come away feeling hopeful. No situation is too dire.

Go online or call a Calgary trustee to learn what your options are when facing the dread of bankruptcy. Get the collectors off your back and get a fresh start.