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Bankruptcy trustees in Vancouver are professionals who have gone through extensive training and credentialing requirements to help people resolve their financial situations. There are three basic ways that bankruptcy trustees in Vancouver help people: bankruptcies, consumer proposals and debt consolidation. You will need to meet with one of the bankruptcy trustees in Vancouver who will be able to determine the extent of your financial problems. He will need to see all your documents regarding your income, debts and assets. Bankruptcy Thebankruptcy trustees in Vancouver may determine that you are eligible for a bankruptcy if you have more than $1,000 in debt, have very little in assets, and have no ability to pay your bills when they are due. If your financial situation has become so severe that you have lawsuits for non-payment of your debt filed against you, or your home is being foreclosed on, be sure that you present the documentation of such to your bankruptcy trustee so he is aware of the situation. You will be required to make monthly payments to your trustee for a period of about six months. The amount you will pay will be determined on a monthly basis. You will pay half of your disposable income. Most people are concerned that they will lose whatever assets they have accumulated; however, some assets are exempt. The entire idea of a bankruptcy insolvency is to help people get out of their financial situation not make it more difficult for them. Yet, it's important to understand that there are limits. For example, if you own a valuable, high-end sports car you can expect to have to relinquish it to repay your debts. Instead of worrying about what you may lose in a bankruptcy, consider how your life will be much better after your bankruptcy is resolved simply due to the fact that you will be able to sleep and rest much easier instead of worrying constantly about how you will pay back all of your debt. Consumer Proposal A consumer proposal is an option that your bankruptcy trustee will direct you towards if he feels a bankruptcy will not be beneficial for you. You may be eligible for a consumer proposal if you are able to pay at least some of your debt back in monthly payments. Your bankruptcy trustee will work with your creditors to come up with a payment plan in which you will repay your debt to your creditors over a period of about 3 to 5 years. In many cases, creditors will lower the amount of debt that needs to be repaid, sometimes substantially. The monthly payments you will make will be a set, predetermined amount. It will not matter if you get a windfall of money such as a monetary bonus from your employment, such as what happens when bankruptcies are filed. With a consumer proposal, you will not have to give up any of your assets. You will be able to keep everything you own. Debt Consolidation Another alternative to bankruptcies and consumer proposals is debt consolidation. Debt consolidation works best for those who are having minor problems with their debt. This works best for those who are having trouble paying high interest rate credit cards or managing many various bills throughout each month. Many people find it much easier to handle one payment for all of their debt rather than a dozen or so payments. Debt consolidation loans are typically not handled by bankruptcy trustees. What bankruptcy trustees can help you with through debt consolidation is to help you budget and plan your finances so you can avoid filing a bankruptcy or consumer proposal in the future.
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