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Choosing a Bankruptcy Trustee

January 31, 2012 | Comments: 0 | Views: 121

Financial difficulties can weigh you down and sometimes continue to grow despite your best efforts.

Most of us at one time or another will face some form of financial stress; what measures we take to address this stress is what determines our ability to bounce back.

In these cases, choosing the right bankruptcy trustee is crucial. It may be difficult to break the cycle of guilt and denial and to begin searching for professional assistance -in most cases of financial crisis, this is in fact the most difficult step, leading many to continue to accumulate debt, notably through interest rates.

It is recommended that you seek out the professional advice of a bankruptcy trustee as soon as you feel your financial situation slipping out of your control. A good way to gauge your own situation is by whether you feel overwhelmed at the thought of repaying your debt -in other words, if you do not foresee being able to repay your debt comfortably based on your income.

The range of expertise of a bankruptcy trustee should go beyond that of filing for bankruptcy. He or she should listen to the specifics of your financial situation; based on this information and on his or her experience, your trustee will usually present you with options and alternatives to bankruptcy. Depending on the extent of your debt and the level of your income, however, these alternatives may be few. This is one of the reasons why early action, though perhaps counterintuitive at first, is always in your best interest: a competent bankruptcy trustee can and will give you as many options as are financially viable in your current situation.

Choose a trustee who operates near you. While this affords you the obvious benefit of communicating with a professional face-to-face, this also suggests that your bankruptcy trustee has first-hand knowledge of living costs in your area. He or she will therefore be able to help devise a realistic and prudent payment plan as well as to foresee additional expenses.

What's more, choosing a trustee is not unlike choosing a psychologist; it is of primary importance that you feel comfortable delving into not simply financial details, but into details concerning your lifestyle, consumer habits and the like. Communication and transparency are some of the most essential factors of a successful financial service such as that offered by a trustee.

In fact, it is highly recommended that your trustee be able to explain your options clearly and in sufficient detail; if you have difficulty following his or her line of reasoning, if he or she pressures you to take a particular course of action, or dismisses your questions in any way, then you should definitely seek out a second opinion.

A bankruptcy trustee is helpful and communicative; his role is to empower you with the information to make an informed and strategic financial decision.

Consult PWC Debt Solutions' website, which provides clear and compelling insights:

Karine Lafonte is a graphic artist who was asked to intervene as legal representative of her mother's interests when her mother was forced to file for bankruptcy in 2009. She has dealt extensively both with bankruptcy trustees and two psychologists who assisted her mother and she through the ordeal. She has since helped develop an online support group for individuals looking to file for bankruptcy.

Source: EzineArticles
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