Why Financial Advisors Need to Know a Bankruptcy Trustee

1. Why Financial Advisors Need to Know a Bankruptcy Trustee Let’s say you want to have a fresh start with regards to your financial status and have filed for bankruptcy. One of the first people you must contact is a Victoria bankruptcy trustee or also known as a licensed insolvency trustee who will help oversee your case. Their main objective is to help deal with financial problems by providing legal debt relief to individuals and businesses. The specialized accreditation and scope of knowledge that Licensed Insolvency Trustees possess is often a great complement to many financial professionals’ services. So as a financial advisor, you will not only need to have contacts with accountants, financial planners, lawyers and mortgage brokers but also a licensed insolvency trustee.

2. Clients may present you with a number of different situations and debts they need to be solved, including but not limited to debts because of unpaid wages, landlords, credit cards, line of credits, loans, leases, income tax and more. The legal guidelines that surround debt help can be challenging for many financial advisors, and they find themselves having to face different aspects of debt management like credit rating impact of various debt relief strategies, options for dealing with tax debts and tax debt forgiveness and lastly how bankruptcy and consumer proposals will affect assets. Read More