Finding the Best Bankruptcy Trustee Near You 

^{By Bromwich+Smith Staff | 800 words | Reading Time: 4 minutes| Date: 2023/12/15}

Financial uncertainty can feel overwhelming. When the bills pile up and creditors are calling, it can be hard to know where to turn. For a truly fresh start, your best first call is to a Licensed Insolvency Trustee (formerly known as a Bankruptcy Trustee). But how do you find one near you?   

Understand your needs 

Before you start searching for a trustee it's essential to understand your financial situation and what guidance you require. Gather all your bills and statements to understand how much you owe. It will also be helpful to have all your income information: pay stubs and so on. You will also need information about what you own – any vehicles, homes, even savings like RRSPs or TFSAs. This information will be vital to truly understanding your current financial situation. 

Research Your Options 

Start by researching Licensed Insolvency Trustees or bankruptcy trustees near you. Look for someone with a strong reputation and positive reviews from current and past clients. On-line review sites and social media can provide insightful information into the experiences of those who have gone before you. Consider talking to loved ones as family and friends may have previously been in a similar situation and could have recommendations of trustees to work with or possibly to avoid. 

Qualifications 

Trustees are regulated by the government and must meet specific educational and professional regulations. Check to see if your trustee is a licensed member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). This accreditation ensures that the trustee follows ethical practices and is updated on industry standards.  

Another great resource is the Office of Superintendent of Bankruptcy (OSB). Here you will find all Licensed Insolvency Trustees across Canada. It is important to know that if you are filing a Consumer Proposal or Bankruptcy you must work with a Licensed Insolvency Trustee. If the organization you are working with does not have a Licensed Insolvency Trustee they will need to hire one which may result in higher fees for you. 

Along with qualifications, experience is often a key factor. A more experienced trustee as an individual or organization will likely have encountered a variety of financial situations. Look for a proven track record of being able to help individuals through debt relief programs. 

Location, location, location 

Consider the accessibility and location of your trustee. Do you prefer face to face meetings or are you more comfortable with virtual video calls? If you prefer to meet face to face choosing a trustee with an office conveniently located close to your home or place of employment may make the process easier. If you prefer virtual appointments you may be able to work with you located outside of your immediate area. 

Communication Style 

it is important to build a relationship with your trustee as you will be working with them throughout your debt relief program. Your trustee should be able to explain financial concepts in a way that makes it easy to understand and keep you informed throughout the entire process. 

Consultation 

Most trustee firms will offer free, no obligation consultations. Take advantage of this option to ask questions and learn as much as possible about your options. Consider preparing your list ahead of time as you may feel overwhelmed with information and you want to ensure that your questions are asked and answered before you commit to a program. You may want to ask about the timeline for your situation and any potential challenges that you may face. It is likely that you'll want to understand any fees that are being charged and how the trustee obtains payment. Make note of how you feel discussing financial matters with your trustee as this is a strong indication on how you will feel speaking to them throughout your program. 

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Trust Your Instincts 

Ultimately you need to trust your instincts when making this decision. Reviewing your trustee’s website and educational information will help you understand the process but you need to be able to trust your gut. You want to choose someone who prioritizes your best interests provides you support and truly wants to see you gain financial freedom. 

Finding the best trustee is an important step to regaining financial stability. By understanding the programs available to you, researching local trustees, checking qualifications and considering their communication style can help you make an informed decision. Take the time to consult ask questions and trust yourself. The trustee that you work with is going to be your partner who can help you achieve a debt free future. 

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1-855-884-9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!