information about bankruptcy trustees

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Informati on About Bankruptc y Trustees

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"André Gabbay et Associés Inc. is a bankruptcy trustee with over 20 years experience. They are experts in all areas of insolvency.Visit http://www.agabbayetassocies.com/ for more information. "

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Page 1: Information about bankruptcy trustees

Information About

Bankruptcy Trustees

Page 2: Information about bankruptcy trustees

Introduction

For most people, ‘bankruptcy’ is probably the longest four-letter word in the English language. Not many people have a lot of knowledge about the bankruptcy process, but everyone knows you must be having serious financial issues if bankruptcy is an option.

Bankruptcy is a complex process and one you’d do well to avoid, but it isn’t the world-ending dagger that it’s made out to be. In some cases people even look at it as a new beginning. Of course, those cases are few and far between.

If you do have to travel down the bankruptcy road, one of the people you’ll likely encounter is a bankruptcy trustee.

Page 3: Information about bankruptcy trustees

What Is a Bankruptcy Trustee?

A bankruptcy trustee, or a ‘trustee in bankruptcy’ is someone who has been licensed by the Superintendent of Bankruptcy in Canada, to administer bankruptcies and proposals. Generally, the job of a bankruptcy trustee is to ensure the bankruptcy process moves along as smoothly as possible for all parties.

Page 4: Information about bankruptcy trustees

What Does the Trustee Do?

Aside from actually filing the bankruptcy, the trustee will also manage and sell off your assets to help pay off creditors. When someone decides to file for bankruptcy, a trustee is appointed and the process can get underway. However, a bankruptcy trustee in Montreal isn’t used just for filing bankruptcies and selling your things.

•Trustees are also trained as debt consultants, and they can work on your behalf to help you avoid bankruptcy. Some of these services might include:•Providing you with debt counseling•Negotiating with and making arrangements with creditors on your behalf•Going through your finances and helping you make a proposal to your creditors for a settlement

Page 5: Information about bankruptcy trustees

Can I Trust the Trustee?

It may be second nature to be wary of a bankruptcy trustee in Montreal or anywhere else, but they are highly trained and can be trusted with your situation. A bankruptcy trustee may even save you money over other forms of debt management because their fees are regulated by government agencies.

Detail is the name of the game when dealing with a bankruptcy trustee, and they will give you thorough instructions regarding what’s expected of you during the process. By the time you are done with your initial consultation, you will know exactly what’s going to happen and how long it should take. The regulations and code of ethics a trustee must follow ensures your rights and privacy will be protected all along.

Page 6: Information about bankruptcy trustees

Where Do I Find a Bankruptcy Trustee?

If you are contemplating bankruptcy as an option to your financial problems, finding a trustee is a good start. Look online under bankruptcy trustee Montreal, or wherever you happen to be and you should find a list of offices that provide this valuable service.

If possible, try to find a place that offers many different types of debt solutions. That way, if bankruptcy isn’t the most logical choice you can continue on with a different option with a company that already knows your situation.

Page 7: Information about bankruptcy trustees

How Do I Become a Bankruptcy Trustee?

If you feel like you want to become a bankruptcy trustee and help people through this difficult time, you have some work ahead of you. Trustees are licensed by the Superintendent of Bankruptcy, and must meet very stringent guidelines and prerequisites.

To begin, if you even want to be considered for a trustee license, you must have either a university degree or at least five years of relevant employment experience. For certification, each candidate must complete the CIRP Qualification Program, which is set out by the Canadian Association of Insolvency and Restructuring Professionals.

Page 8: Information about bankruptcy trustees

How Do I Become a Bankruptcy Trustee?

At the completion of the program, an exam is written, known as the National Insolvency Examination. This is a written exam that must be passed in order to be invited to take the oral exam. It’s also a requirement that you take the Insolvency Counsellor’s Qualification Course, and that you haven’t been bankrupt yourself within the previous five years.

 

The Superintendent will carry out thorough investigations to ensure all of the information each candidate provides is true. If a candidate meets all of the prerequisites and requirements, his or her reputation and suitability as a bankruptcy are discussed and evaluated before the license is issued.

Page 9: Information about bankruptcy trustees

How Do I Become a Bankruptcy Trustee?

Basically, the Superintendent must feel confident that issuing a license to the applicant isn’t going to lessen the public’s confidence in the bankruptcy process. The final oral examination will determine whether a candidate has the skills, knowledge, professionalism and standards to carry out the job on a regular basis. If all of these requirements are met and the Superintendent feels a candidate is worthy, the license is issued and a new bankruptcy trustee is born.

Page 10: Information about bankruptcy trustees

Advice

Financial problems burden many people and apply a great amount of stress, consequently interfering in their everyday lives. André Gabbay et Associés Inc. is a bankruptcy trustee with over 20 years experience. They are experts in all areas of insolvency. Visit their website for more information.