Why Choose a Trustee For Advice?

27 May 2014

Why Choose a Licensed Insolvency Trustee For Advice?

There are many companies in Canada who claim they can help you reduced your debt.  Whether they are profit driven or not-for-profit organizations they each charge service fees to help you negotiate a repayment plan or settlement agreement with your creditors.   Some have contractual agreements with creditors spelling out the repayment arrangements that they will accept so there really are no negotiations taking place on your behalf.   You either fit into their model or they can’t help you.

The level of experience, training and education with debt settlement and credit counselling companies can also be an issue.  Some have previous credit or collection experience while others have no experience other than in-house training programs these organizations provide.  Many debt settlement and credit counselling companies do not have the capability or incentive to adequately explain the options of bankruptcy or consumer proposal.  These are important options to understand before you decide what will work best for your situation.

Trustees are licensed by the Federal Government to administer personal bankruptcy and consumer proposal filings.  Most Trustees are also members of the Canadian Association of Insolvency and Restructuring Professionals and are subject to ethical standards and codes of conduct.  A Trustee must complete a very comprehensive multi-year educational and experience program before obtaining a license to practice.

A Trustee will treat you in a dignified manner and review the facts of your situation and explain how personal bankruptcy or a consumer proposal would work for you so that you can make an informed decision and choose the solution that is best for you.

For a free consultation over the phone or in person in Saint John, Moncton, Fredericton or Charlottetown, please contact us.  Powell Associates Ltd. is a licensed insolvency trustee focused on providing debt settlement, proposal and bankruptcy solutions for individuals and businesses.