Top Tips in Choosing a Bankruptcy Trustee in Canada

A bankruptcy trustee is an important professional for anyone who is filing for bankruptcy as a result of too much debt. This expert will help you come up with a debt repayment plan that works with the aim of finally helping you regain your financial control by being free of debt.

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A bankruptcy trustee is an independent third-party appointee by the official receiver whose job is to manage the bankruptcy process. The main job of this expert is to ensure that your assets are properly liquidated and that both you and your creditors follow all the bankruptcy rules. Here are some tips to help you choose the right trustee.

Start by asking for referrals. If you have a family member, friend or colleague who has ever engaged a bankruptcy trustee, or they know of a good one in your area, this a great place to begin your search. Word of mouth is a great resource and this way, you are sure to know of the best insolvency trustees in your area, as well as those that should be avoided.

An online search will also help you know of the best trustees in your area. There is a list of all licensed insolvency trustees on the website of the Office of the Superintendent of Bankruptcy Canada. Check this list to ensure that a trustee you are interested in working with appears on it. There are many dishonest, unlicensed debt settlement consultants out there claiming to be licensed trustees, but they are not.

Also on the website, check if there are any client complaints or other misconduct published about a potential trustee. Check to see that the expert you are about to choose has a clean record. A clean record shows that a trustee has a good reputation in your area. To further gauge a trustee’s reputation, check the trustee’s website to see what other people are saying about the service offered by this professional. Many negative comments from clients could be a sign that the trustee is unreliable and you should not choose them to help you with debt repayment in Vancouver.

Set up a free, no obligation initial consultation with a potential trustee. Ensure that you are comfortable with the person you choose to help you with debt repayment in Vancouver. Ask questions and ensure that you are comfortable with the bankruptcy trustee and satisfied with the answers they give to your questions. Remember, a consultation does not oblige you to stay with the insolvency trustee unless you have signed the paperwork.

It is advisable to conduct some research in advance, so that you know the right questions to ask the trustee during your free consultation. Having some knowledge in this field will help you gauge how competent a potential trustee is.

Bankruptcy laws are complex, so choose a trustee with many years of experience in this field. Ask how long a bankruptcy trustee has been helping people with issues related to debt repayment in Vancouver before making your choice. When choosing an insolvency trustee, consider experience, reputation, reliability and personal comfort.