Article posted by Stanley Jacobs. as Debt Consolidation
Everyone goes through financial problems once in their life time and everyone looks for different ways to cope up with them. Some borrow money and fall further into debts, some simply become bankrupt owing to inadequate financial knowledge.
Everyone goes through financial problems once in their life time and everyone looks for different ways to cope up with them. Some borrow money and fall further into debts, some simply become bankrupt owing to inadequate financial knowledge. With the help of a good trustee, such complications can be avoided. Plenty of bankruptcy trustees can be found in Prince George area of British Columbia (BC).
A BC bankruptcy trustees is available to anyone who is hopelessly burdened with debt and wishes for a fresh financial start. A trustee will first check whether a person owes a debt of at least 1000 $ and is truly unable to pay his or her debts. A BC bankruptcy trustee shall also see that your debts exceed the value of your assets and that you are not already bankrupt. After the above formalities one is eligible to file for bankruptcy.
At times, one may perhaps need help of BC bankruptcy attorney for BC debt counseling. Finding the right BC bankruptcy lawyer in a zealous city like Prince George is quite difficult. One must first see that the BC bankruptcy trustee is licensed. Secondly, he should be familiar with debt consolidation management and be well qualified to handle your troubles. He should have good experience in various corporate engagements, such as retail, trucking, forestry, hotel, plumbing & heating, construction etc. Most importantly, he should be able to make arrangements with the creditors on the clients behalf, provide debt counseling, negotiate settlement agreements and help you make a proposal to the creditors to avoid insolvency. He should also be trained and educated in the arena of debt management.
Only a BC bankruptcy trustee will be able to provide a full range of debt relief options. On the first visit, one will have to provide all the details of their debts, assets, income, expenses and whatever other information is required. However, before making the first visit one has to fill in a questionnaire and submit it to the chosen trustee. There are 2 different set of questionnaire for individuals and corporate. The trustee then prepares bankruptcy documents for the client to sign. Once such formalities are done, the client is officially bankrupt.
In order to save time, one must have first hand information of social insurance number, account numbers and amounts owing on the bills, amounts one spends on the monthly household bills, employment information of unfiled tax years and student loan information. On the first visit, one must bring along birth certificate or photo id, last bill statements, tax returns, vehicle registration, property tax assessment, FMEP (Family Maintenance Enforcement Program) information and court applications in progress.
One is allowed to keep all that remains after the entire debt amount is seceded from an individual. Insolvency is a very critical phase of ones life. Hence, a BC bankruptcy trustee will try his best to avoid publicity of your financial stature. However, few bankruptcies require a notice to be published in the news-paper. Nothing can be done in such case. Thus, avoid making mistakes and chose the right bankruptcy attorney.
Author: Stanley Jacobs.This author has published 1 articles so far. More info about the author is coming soon.