Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
adam@debtcliniccanada.ca (905) 970-0439
Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.ca
Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.ca
Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.ca

May 2015 – BANKRUTPTCY TRUSTEES PROTECT THE INTEREST OF CREDITORS

By:Adam Aspilla
May 25, 2015

When you are in financial crisis there are many options for you to choose from like: loan consolidation, debt negotiation, consumer proposal and bankruptcy.

In a bankruptcy you may lose your assets. In fact, many who filed for bankruptcies lost their houses, cars, investments and other assets that they did not expect to happen.

Practically, in a bankruptcy, all your unsecure debts like: credit cards and unsecure line of credits would go away. They will be wiped out and you no longer pay your creditors.

To protect the creditors from total loss of the amount lent to debtors, the bankruptcy law requires a bankruptcy trustee to take over the assets of a bankrupt person in-trust on behalf of the creditors.

Said assets would be sold and the proceeds would be proportionately distributed to your creditors.

When you go to a bankruptcy trustee, do not expect an advice that would be detrimental to creditors for they are there to protect creditors’ interest to insure only people who are truly in financial distress would file bankruptcy.

When bankruptcy trustees take over your assets, they are only doing their duties and responsibilities under the law, or, they may lose their license to operate their business.

In view of the forgoing, bankruptcy is not a solution to all financial problems. It is usually a last resort. If you have assets like: savings, investments, equity of your house, car, and other assets not exempt from bankruptcy, you should consider other options.

If you have assets like the above mentioned, it would be prudent for you to seek a sound advice from a financial professional not necessarily a bankruptcy trustee to discuss your options to avoid losing your assets you love to keep.

Bankruptcy requires careful planning for once you filed for bankruptcy you cannot withdraw from it.

Adam Aspilla operates the Debt Clinic of Canada Inc. for more than 30 years.  He was a former financial planner, a former mortgage broker, and the author of the book, You Can Negotiate All Your Debts.  He also writes another column, “Biblical Perspectives” in this paper. For a free initial, expert, professional and confidential financial consultation on your financial issues like: Debt Consolidation, Credit Counseling, Consumer Proposal, Bankruptcy, and securing 1st and 2nd Mortgages, call 905-970-0439 or visit www.debtcliniccanada.ca

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