Why You Need a Scarborough Insolvency Trustee to Recover from Debt

Many residents of Scarborough have suddenly found themselves insolvent as a result of many reasons, job loss, marital breakdown, business failure, poor budgeting or bad spending habits. And because of the stress of too much debt, many of them are unable to figure out what to do or where to go to for help. A Scarborough insolvency trustee can provide the best professional advice for debt relief.

The main goal of a trustee is to help make the path to solvency possible for you. They will work together with you to determine the solution that's right for your unique circumstances and they’ll stay with you until they’ve put your financial future back in your hands. They’re debt advisors who truly understand the stress you are under because of your financial situation. They know you want to repay your debts, that you’re very upset by your difficulties and you just need some help to fix your dire situation.

If you’re getting collection calls, a licensed insolvency trustee (LIT) will know what to do to eliminate them. If you simply have budgeting problems, they’ll honestly point this out and give you the advice you need to get your finances on track. If you’ve done all you can, even after making informal payment arrangements with creditors, and you still are not able to pay your financial obligations when they are due and your debts are now greater than your assets, they may suggest a consumer proposal or filing for bankruptcy as the the solution you may need. The bottom line is that, regardless of your financial situation or status in life, a LIT will work with you to help determine what your best option is.

Bankruptcies and consumer proposals have become very popular with Canadians struggling with their debts. They are the only two insolvency options that can provide legal protection and completely clear your debts and give you a new slate. Only licensed insolvency trustees can go through the process of a consumer proposal or a bankruptcy with you as they are the only debt professionals licensed by the federal government to administer these debt relief services. LITs have the complete specialized education and government qualifications to answer all of your questions about the complex legal process of filing for bankruptcy or finding debt relief through a consumer proposal. They can manage everything for you, from the moment you file and all through your repayment period or until you get discharged to ensure that your rights, and your creditors’ rights, are maintained throughout the process.

A Licensed Insolvency Trustee in Scarborough can offer multiple debt solutions, not just bankruptcies. The fact is that many people that consult a trustee don’t end up going bankrupt. Some people who want to keep their home or car, choose to file a consumer proposal. Some choose to consolidate debt or go through a debt management program after hearing out suggestions and solutions explained by the trustee. During the consultation, the trustee will make a thorough financial assessment of your debt situation which will allow him to guide you to the best possible solution for your debt problem.

Keep in mind that your debt problems are very different from other people’s debt problems. It is wrong to assume that what work for one person will also work for you. It might work, but then it might not. That’s why talking to a Scarborough insolvency trustee is an important first step you can take towards a full debt recovery.