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Bankruptcy Trustee: How One Can Help You Settle Your Debt Situation With Creditors

Does your home phone ring throughout the day and night with collection agencies demanding money for past due debts? You don’t have to continue dealing with the stress of avoiding phone calls if you file for bankruptcy, but first you will have to hire a trustee to help out. Find out what a bankruptcy trustee will do to help you get out of your financial nightmare.

How Can a Bankruptcy Trustee Assist with Settling Debts Owed to Creditors?

A trustee is necessary for filing bankruptcy because he or she will handle all business between you and the Office of the Superintendent of Bankruptcy (OSB). The first thing that will take place is a discussion between you and the trustee about your finances, including your monthly income and bills. The trustee will then proceed to go over the official documents for filing bankruptcy and help you fill in the required information. The documents will then be handed over to a representative at the OSB for review.

A trustee will also speak with your creditors to try to come up with a solution for helping them recoup some of the money you owe. The trustee will be responsible for selling any of your assets that are not exempt by law to obtain funds that can be paid to creditors. It is also possible that the trustee will suggest that you not file bankruptcy if he or she feels like you can pay off your debts with the right kind of payment agreement.

You won’t be declared bankrupt until your documents are approved by the OSB. Your creditors will have no legal rights to harass you about paying them money once you are bankrupt.

Can a Trustee Assist with Getting Finances on Track After Bankruptcy?

A bankruptcy trustee can assist you with getting your finances on track after you are bankrupt by providing credit counseling or referring you to a counselor. You will also be required to speak to an OSB agent about your financial situation, as they will want to know what caused you to get in a financial bind so it can be avoided in the future. The key to helping you stay out of debt will be teaching you how to manage and pay your bills on time, and avoid making unnecessary purchases that you can’t afford.

You will breathe easier without the weight of owing a lot of debts hanging over your shoulders. Allow a bankruptcy trustee (such as one from Harris & Partners Inc. Bankruptcy) help you get a fresh financial start.