Choosing the right bankruptcy trustee is important to ensure that you are aware of all your options and that you get the best settlement at the end of the process. A bankruptcy trustee does not work either for you or for your creditors. Instead, they act as sort of a mediator or referee between the different parties involved in the bankruptcy case.
The bankruptcy trustee is responsible for selling your unprotected assets and distributing the money to repay your creditors. Additionally, the trustee can provide debt counselling services to you so that you may avoid bankruptcy altogether. For example, the trustee might arrange for a special arrangement in which your creditors forgive any missing payments so long as you promise to resume making regular future payments.
Another type of possible settlement might involve paying your missing payments in "installments" along with your regular payments over a set schedule.
What do I look for in a trustee?
As you may have noticed, a bankruptcy trustee is important because they can help you through a complicated legal process and they might even be able to help you avoid declaring a bankruptcy in the first place. For this reason, the trustee should be someone who engenders trusts and someone who makes you feel comfortable when discussing your financial and personal matters.
You should not select a trustee who is hesitant to answer all your questions or who gives you the feeling that they are impatient with you. In order to know all your options, you will need a trustee who is willing to take the time to do their job properly.
One of the best ways to get a feeling about your trustee is to meet with them in person first. This will help give you an idea of whether you can work with them on your financial matters. As with every counselling service, you need to feel 100% at ease when working with your selected trustee. The trustee should, additionally, be easy to contact when you need help.
The average person will want to select a firm that specializes in working with average clients rather than big firms or wealthy individuals. You do not want to be low on the trustee's priority list when it comes to service. In some cases, you may be able to get recommendations from people that you know and trust who have used trustees for their own bankruptcies.
The bankruptcy trustee is responsible for selling your unprotected assets and distributing the money to repay your creditors. Additionally, the trustee can provide debt counselling services to you so that you may avoid bankruptcy altogether. For example, the trustee might arrange for a special arrangement in which your creditors forgive any missing payments so long as you promise to resume making regular future payments.
Another type of possible settlement might involve paying your missing payments in "installments" along with your regular payments over a set schedule.
What do I look for in a trustee?
As you may have noticed, a bankruptcy trustee is important because they can help you through a complicated legal process and they might even be able to help you avoid declaring a bankruptcy in the first place. For this reason, the trustee should be someone who engenders trusts and someone who makes you feel comfortable when discussing your financial and personal matters.
You should not select a trustee who is hesitant to answer all your questions or who gives you the feeling that they are impatient with you. In order to know all your options, you will need a trustee who is willing to take the time to do their job properly.
One of the best ways to get a feeling about your trustee is to meet with them in person first. This will help give you an idea of whether you can work with them on your financial matters. As with every counselling service, you need to feel 100% at ease when working with your selected trustee. The trustee should, additionally, be easy to contact when you need help.
The average person will want to select a firm that specializes in working with average clients rather than big firms or wealthy individuals. You do not want to be low on the trustee's priority list when it comes to service. In some cases, you may be able to get recommendations from people that you know and trust who have used trustees for their own bankruptcies.
Pierre Roy & Associés is a bankruptcy trustee in the greater Montreal area. For 20 years, we have been helping people regain control of their finances and make a new start. We are here for you if you have financial worries.
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