In these times of continuing economic uncertainty, more and more Canadians are looking for ways to reduce their debt to levels that will keep them safe from a Canada bankruptcy in the event they face some unforeseen calamity like layoff or job loss.
Few who search for sources of financial help consider a Canada bankruptcy trustee. Why would you meet with someone who is responsible for administering the very thing you are trying to avoid?
Even those who bother to search for information about who Canada bankruptcy trustees are and what they do walk away from the search believing trustees can only help with bankruptcy. As an example, here is a description of Canada bankruptcy trustees you will find on the federal Office of the Superintendent of Bankruptcy website:
- A trustee in bankruptcy is a person licensed by the Office of the Superintendent of Bankruptcy (OSB) to administer bankruptcy and proposal estates. An officer of the Court, the trustee has an obligation to look after the rights of the creditors and to investigate the affairs of the debtor, as required. The trustee also ensures that the rights of the debtor are not abused.
Unfortunately, many searchers stop at that point and never read on to learn the most important thing all Canadians should know about bankruptcy trustees. The OSB goes on to list the primary duties of a Canada bankruptcy trustee, the first of which is the following:
- Review the situation and counsel the debtor on available alternatives.
So if you are one of thousands of Canadians who believe the primary duty of a Canada bankruptcy trustee is to administer consumer and business bankruptcies, you are wrong.
In fact, their first duty, according to the federal government, is to show you the options you might have to stay out of bankruptcy. Perhaps you wonder whether or not trustees are qualified to explain alternative solutions to Canada bankruptcy they do not themselves administer.
The licensing requirements they must meet make them arguably the most well-qualified debt consultants available to provide financial help to Canadians in search of solutions to their debt problems.
It takes from three to five years to get a trustee license. Trustees go through an extensive series of educational programs as well as several levels of licensing examinations. In addition, they must pass a Royal Canadian Mounted Police (RCMP) background check.
In contrast, there are no regulations whatsoever regarding the educational background or qualifications of the nation’s many credit counselors and debt settlement providers. While some credit counselors and debt settlement providers belong to national associations, in reality there is nothing to stop anyone in Canada from putting up a website or hanging a shingle on an office door and calling themselves a credit counselor or debt settlement provider
Finally, if you have already been searching the Internet for information about professional financial debt help in Canada, you know that all debt consultants begin with a review of your personal financial situation.
With some credit counselors and debt settlement providers, this “review” involves nothing more than collecting some numbers from you and plugging them into a computer program. The program generates the debt repayment you can make and how long it will take you to pay down your debt.
Almost all trustees have professional or educational backgrounds in accounting. They are uniquely qualified to help you prepare a detailed assessment of your situation you can understand, as well as a personal budget to guide your financial decisions going forward.
Canada bankruptcy trustees offer free initial consultations for anyone in need of financial help.