Meeting with a bankruptcy trustee for the first time is a new experience which makes a lot of people really nervous. You may be wondering what to expect. What are you going to be asked? Is there anything I should ask? What should I bring with me? There really is nothing to worry about when you first meet with us and we will be happy to answer any questions you think of during the process of filing your bankruptcy or consumer proposal.
I met with a lady yesterday that came to us after talking to an unlicensed "counsellor" from a debt settlement company. She said she did not call us initially because she had heard on the radio and on newspaper ads that "a trustee works for your creditors". Assuming that to be true, she thought she'd look elsewhere for help with her debts. I was happy to advise her that the statement she heard is very misleading. A trustee does not work for your creditors, nor is a trustee paid by creditors. A trustee is licenced by the government and appointed to ensure bankruptcy and proposal proceedings are followed by the rules.
There are a few things you need to have prepared before you come to our first meeting. We are going to need to know exactly what you owe, to whom and how much. The best thing to do is to bring in the most recent statements you have from your creditors. We will also need to know about your assets- what you own and how much they are worth. Finally, we will be using your monthly budget to determine what your best option is so you should have that prepared when you come. A simple list of your income and expenses will do. If you are planning to keep any assets such as your house or car, include these payments in the budget.
Having all of these things prepared will make our first meeting go smoothly and will make the process of planning your fresh start as efficient as possible.
If you have done your part by being prepared, it is also important to know that the trustee will do his or her part too. When you leave the office after your first meeting you should have a full understanding of your options, what effect they will have on your situation and which one is best for you. After we've explained all your options to you, including both a consumer proposal and personal bankruptcy, we can also give a recommendation as to which one would be best for you and why - In fact, we're often able to find a solution for around half of the people that contact us that avoids having to file a
proposal or a
bankruptcy.
If we have explained it well enough, you should agree. If there is anything you do not understand or are unsure about, do not hesitate to ask. We understand that the decision to file bankruptcy or a proposal is an important one and you want to ensure you are doing the right thing.
If you would like to book your first meeting with myself or if you have already and have any concerns about what you need to bring,
send me an email or call me at 519-622-3773 and I will be happy to answer any questions you may have or book an appointment with you. Using all of the information you give us, I am confident that I will be able to help you find the best plan to get you back on top of your finances!
To help the Cambridge area residents experiencing financial difficulties, I will be posting some musings on Twitter as well as regular contributions to this blog.
