If you are filing for bankruptcy in Victoria, BC and you need advice on how to be debt free, choosing a competent financial counsellor is a very important step towards full debt recovery. Various kinds of debt consultants are available in Victoria from licensed insolvency trustees (also known as bankruptcy trustees) to volunteer credit counsellors. It is important to choose the right debt consultant to enhance your debt recovery. Here are 6 vital reasons why you should choose a licensed insolvency trustee in British Columbia:
1. Professional Guidance
Licensed insolvency trustees will take you by the hand and guide you through the debt relief process. Filing for bankruptcy in Victoria, BC is a very detailed legal process and you need a licensed trustee by your side to help manage the details efficiently. Your trustee will provide detailed answers to all your questions about filing for bankruptcy or getting debt relief via a consumer proposal, and ensure that you successfully receive your discharge at the court and return debt free.
2. Trustees are Well Trained
Trustees are the best trained debt consultants in British Columbia and other parts of Canada. Virtually all the licensed insolvency trustees possess a university degree and an accounting qualification. They also go through a law course and bankruptcy course for about three years. After that they are throughly interviewed by the RCMP before they are licensed as trustees. So when you consult an LIT, you are sure that you will get professional and up-to-date advice and information.
3. Trustees Help With All Kinds of Debt Problems
Trustee are not only useful when you need to solve a bankruptcy case, they also help people with general debt problems. Some people who thought that bankruptcy was the best option to become debt free have learned how to come out of debt through the help and recommendations of trustees. Those who consult licensed trustees may still end up filing for bankruptcy in Victoria, BC, but others will be offered solutions that will enable them to handle their debts effectively on their own.
- Trustees Offer Cost-effective Debt Relief
It costs much less to work with an LIT than to hire other debt relief consultants. This is because trustees fees are regulated by the government. The money you will give to the trustee will be included in your consumer proposal or bankruptcy payments. Trustees do not request any hidden, extra, or up-front payments.
5. Trustees work for you and not for your creditors
Trustees do not work for your creditors. This is contrary to what many people think about licensed trustees. The trustee, however, must ensure that your rights and those of your creditors are well protected. So they will ensure that the bankruptcy process is fair to everyone involved.
6. Your Dealings With a Trustee are Protected by Law
When you are dealing with your bankruptcy trustee, you are protected by federal law. The conduct of all licensed trustees is properly regulated so they must comply with a strict code of ethics. If you have any disputes with your trustee, you will enjoy a well organized mediation by the regulatory authorities.
Those are some of the main reasons why you should work with a licensed trustee when you file for bankruptcy in Victoria, BC. Your first consultation is usually free so take advantage of that and contact a reputable trustee for advice on how to be debt free.