When Do You Need a Licensed Insolvency Trustee?

January 28, 2019

How do you know that your debts are starting to grow beyond what is healthy or manageable? Having some debt and paying it off regularly is an important process in establishing good credit, but when your finances are headed for trouble, you won’t feel like you’re in control. Your credit will suffer, potentially leading to serious future consequences regarding the loans you qualify for and housing.

Want to know what you can do about a difficult debt situation? Just click here to lean about the services offered at David Sklar & Associates. You can partner up with a skilled trustee and set yourself up for eventual financial freedom.

When It’s Time for Action

If the following list sounds like you, then it’s time to team up with a licensed insolvency trustee (formerly known as a bankruptcy trustee) to go over your options for paying your debts whether that be by filing a consumer proposal or for bankruptcy.

  1. You’re only making the minimum payment on your credit card or line of credit
  2. You’re spending more than you earn
  3. You’re borrowing on credit cards, loans, or a line of credit to pay other debts
  4. Your financial problems are causing stress in your personal relationships
  5. You don’t have savings for an emergency

Many Canadian live under serious financial stress. One recent study found that nearly one third of Canadians felt “very stressed” about money on a regular basis, and that’s no way to live.

If you’re late on mortgage/rent payments, can’t buy new clothes when needed, compromise on the quality of your food, suffer from regular emotional stress relating to money, and can’t afford dental care, it’s still possible to set financial goals and work towards them to improve your quality of life.

Licensed Insolvency Trustee

We’ve covered what it’s like to feel like you have no control over you finances. Now you’re in the position of wanting to set goals to work your way out of debt. What do you do? Well, a bankruptcy trustee will work within your financial situation and present you with some options for how to navigate paying back your creditors.

They may recommend a consumer proposal: an agreement between you and your creditors to pay back a portion of your debts through regular payments. But trustees do more than offer services related to professional insolvency, they can also help with:

  1. Debt consolidation
  2. Student loans
  3. Credit card debt
  4. Bank loans
  5. Tax & CRA
  6. Wage garnishment
  7. Collection calls

Any sort of financial crisis or difficulty can be met with a smart, measured plan to come out on the other side. Don’t delay, bankruptcy trustees can help you weigh the pros and cons of bankruptcy, answer your consumer proposal questions, and lay out a plan for you to achieve your financial goals.


6 Comments

  • Hayley

    February 1, 2019

    As far as I can see, much more people need a trustee than we think. I thought they take only the difficult cases when the person is completely bankrupt and has to cope with debt. But why not use a specialist’s service before things get that bad?

    Reply
  • Jack

    February 3, 2019

    how much will they ask for their help?

    Reply
    • Linda Macy

      Linda Macy

      February 3, 2019

      Jack, it depends on the company and/or the specialist, as well as on the complexity of the case, I think. But considering the fact that they will help you get rid of debt makes their fees considerable.

      Reply
      • Jack

        February 5, 2019

        Guess you’re right, we should think long-term.

        Reply
  • lindsey

    February 10, 2019

    I see some trustees cope with troublesome student loans. This is actually an amazing thing for students, because some keep paying their loan off long after they start to work.

    Reply
    • Linda Macy

      Linda Macy

      February 11, 2019

      Lindsey, correct, you can find a pro who will help you cope with literally any kind of debt.

      Reply

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