What is a trustee in bankruptcy?
Did you know that Quebecers' debt levels are particularly high ? More than 100,000 Quebec households are financially at risk. Un syndic autorisé en insolvabilité et conseillers en financial turnaround est une solution idéale pour aider lorsque vous avez des problèmes financiers.
The trustee in bankruptcy holds a license issued by the Office of the Superintendent of Bankruptcy (BSF) and numerous licensing examinations. The main role of the trustee in bankruptcy is to free yourself from debt while moving towards a financial rehabilitation. Find out more about bankruptcy trustees and don't hesitate to get your financial situation under control.
The role of the trustee in bankruptcy
Many people are reluctant to disclose their financial situation to a trustee in bankruptcy.
However, the trustee in bankruptcy is the the only trained and mandated professional by the Bankruptcy and Insolvency Act, which is authorized to initiate legal proceedings to regulate the debts and finances of people in over-indebtedness.
The tasks and roles of the trustee in bankruptcy are :
- About you help settle and regularize votre financial health en éliminant vos dettes ou en vous proposant des solutions adaptées à votre situation
- About you support throughout the insolvency process
- To act as a advisor and a court officer
- To serve asintermediate entre vous et vos creditors en appliquant les droits des deux parties
- From respect the law issued on bankruptcy and insolvency
Thanks to the trustee in bankruptcy trusted partner who has the expertise to correct your financial situation.
Solutions proposed by the trustee in bankruptcy
Bankruptcy trustees act on behalf of both individuals and companies in overindebtedness. There are several common solutions applied by trustees in bankruptcy.
The following solutions are available for private customers:
- Visit debt consolidation consolidates your debts into one. This solution only works for individuals who are able to repay 100% of their debts with interest.
- Visit consumer proposal reduces your debts through negotiations with your creditors by the trustee in bankruptcy. This solution allows you to make one interest-free repayment per month.
- Visit personal bankruptcy reduces or eliminates your debt with the least possible damage to you and your loved ones.
For companies, the proposed solutions are :
- Visit recovery plan aims to restore the company's financial situation through a diagnosis of your business and recovery measures.
- Visit composition proposal is a negotiation between the trustee in bankruptcy and your creditors. This solution makes it possible to extend your repayment terms with a readjustment of the amount under certain conditions.
- Visit commercial bankruptcy releases you from your debts by liquidating all the company's assets, thereby closing it down.
Every situation is different, and every situation has its own solutions. That's why we recommend a bankruptcy trustee to help you get out of overindebtedness.
With bankruptcy trustee N. Séguin, 90% of our customers get out of over-indebtedness.
Don't let your debts overwhelm you any longer and contact our team today.
