Information about bankruptcy trustees
Post on 12-May-2015
DESCRIPTION"Andr Gabbay et Associs 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. "
- 1.Information AboutBankruptcy Trustees
2. IntroductionFor most people, bankruptcy is probably the longest four-letter word inthe English language. Not many people have a lot of knowledge aboutthe bankruptcy process, but everyone knows you must be havingserious financial issues if bankruptcy is an option.Bankruptcy is a complex process and one youd do well to avoid, but itisnt the world-ending dagger that its made out to be. In some casespeople even look at it as a new beginning. Of course, those cases arefew and far between.If you do have to travel down the bankruptcy road, one of the peopleyoull likely encounter is a bankruptcy trustee. 3. What Is a Bankruptcy Trustee?A bankruptcy trustee, or a trustee in bankruptcy is someone who hasbeen licensed by the Superintendent of Bankruptcy in Canada, toadminister bankruptcies and proposals. Generally, the job of abankruptcy trustee is to ensure the bankruptcy process moves along assmoothly as possible for all parties. 4. What Does the Trustee Do?Aside from actually filing the bankruptcy, the trustee will also manageand sell off your assets to help pay off creditors. When someonedecides to file for bankruptcy, a trustee is appointed and the processcan get underway. However, a bankruptcy trustee in Montreal isntused just for filing bankruptcies and selling your things.Trustees are also trained as debt consultants, and they can work onyour behalf to help you avoid bankruptcy. Some of these servicesmight include:Providing you with debt counselingNegotiating with and making arrangements with creditors on yourbehalfGoing through your finances and helping you make a proposal to yourcreditors for a settlement 5. Can I Trust the Trustee?It may be second nature to be wary of a bankruptcy trustee in Montrealor anywhere else, but they are highly trained and can be trusted withyour situation. A bankruptcy trustee may even save you money overother forms of debt management because their fees are regulated bygovernment agencies.Detail is the name of the game when dealing with a bankruptcy trustee,and they will give you thorough instructions regarding whats expectedof you during the process. By the time you are done with your initialconsultation, you will know exactly whats going to happen and howlong it should take. The regulations and code of ethics a trustee mustfollow ensures your rights and privacy will be protected all along. 6. Where Do I Find a Bankruptcy Trustee?If you are contemplating bankruptcy as an optionto your financial problems, finding a trustee is agood start. Look online under bankruptcy trusteeMontreal, or wherever you happen to be and youshould find a list of offices that provide thisvaluable service.If possible, try to find a place that offers manydifferent types of debt solutions. That way, ifbankruptcy isnt the most logical choice you cancontinue on with a different option with acompany that already knows your situation. 7. How Do I Become a BankruptcyTrustee?If you feel like you want to become a bankruptcy trustee and helppeople through this difficult time, you have some work ahead of you.Trustees are licensed by the Superintendent of Bankruptcy, and mustmeet very stringent guidelines and prerequisites.To begin, if you even want to be considered for a trustee license, youmust have either a university degree or at least five years of relevantemployment experience. For certification, each candidate mustcomplete the CIRP Qualification Program, which is set out by theCanadian Association of Insolvency and Restructuring Professionals. 8. How Do I Become a BankruptcyTrustee?At the completion of the program, an exam is written, known as theNational Insolvency Examination. This is a written exam that must bepassed in order to be invited to take the oral exam. Its also arequirement that you take the Insolvency Counsellors QualificationCourse, and that you havent been bankrupt yourself within theprevious five years.The Superintendent will carry out thorough investigations to ensure allof the information each candidate provides is true. If a candidatemeets all of the prerequisites and requirements, his or her reputationand suitability as a bankruptcy are discussed and evaluated before thelicense is issued. 9. How Do I Become a BankruptcyTrustee?Basically, the Superintendent must feel confident that issuing a licenseto the applicant isnt going to lessen the publics confidence in thebankruptcy process. The final oral examination will determine whethera candidate has the skills, knowledge, professionalism and standardsto carry out the job on a regular basis. If all of these requirements aremet and the Superintendent feels a candidate is worthy, the license isissued and a new bankruptcy trustee is born. 10. AdviceFinancial problems burden many people and apply a great amount ofstress, consequently interfering in their everyday lives.Andr Gabbay et Associs Inc. is a bankruptcy trustee with over 20years experience. They are experts in all areas of insolvency. Visit theirwebsite for more information.