A bankruptcy trustee Calgary businessowners and homeowners should know, is a person who is appointed by the Department of Justice or by creditors to oversee the entire process of becoming bankrupt. This individual advices the court accordingly and operates strictly within the law. If something is missing or the debtor has not met some requirements, this individual can advise the court to reject the application.
There is a wide range of reasons why debtors may consider this debt settlement option. For instance, a homeowner may be unable to meet his or her mortgage payments. In order to avoid foreclosure, the homeowner can seek to be declared bankrupt so as to get protection of the court. Those who have unmanageable levels of debt can also get reprieve be seeking the protection of the court.
Chapters thirteen, twelve, eleven and seven bankruptcies are the most popular with individuals and businesses. Different types of consumers qualify for different chapters. This is because the legal requirements for these four options differ greatly. The proceedings are also not the same. Trustees are normally appointed to ensure that all the requirements have been met.
Liquidation is the most popular type of debt settlement. It is normally referred to as the chapter 7. Non exempt assets are sold and the money recovered forwarded to creditors.
In chapter 11 and 12 bankruptcies, which are basically business reorganization proceedings, the professional arranges a meeting of creditors and acts as the mediator when the debtor is presenting the repayment plan to creditors and answering all the relevant questions that may come up. Once the plan is approved, the professional will be responsible for collecting payments from the bankrupt company and forwarding them to creditors.
Chapter 13, or personal reorganization, is very popular with consumers. In such cases, trustees ensure that debtors have good jobs or reliable sources of income before the case can move to the next stage. When debtors come up with a repayment plan that suits them, these individuals arrange a meet between the two parties. During the meeting, creditors can put debtors on the spot to justify the reasons why the plan should be accepted.
In cases involving bankruptcies, trustees are the most important figures. They can be looked at as the court's hand, or the long arm of the law. They normally go through the financial statements of businesses as well as personal financial records to identify anomalies, inconsistencies or improprieties involving borrowing or disposal or property among other things. If there are anomalies of any kind, and the petitioner cannot make things clear, the individual may ask the court to throw out the case.
A bankruptcy trustee Calgary residents should know must be impartial. These professionals neither work for the creditors nor the debtor. Their job is to ensure that the rights of both the debtor and creditor are upheld. They are also tasked with ensuring that creditors get some or all of their funds back. Trustees are normally experts in the fields of finance, business, accounting or law among other related fields.
There is a wide range of reasons why debtors may consider this debt settlement option. For instance, a homeowner may be unable to meet his or her mortgage payments. In order to avoid foreclosure, the homeowner can seek to be declared bankrupt so as to get protection of the court. Those who have unmanageable levels of debt can also get reprieve be seeking the protection of the court.
Chapters thirteen, twelve, eleven and seven bankruptcies are the most popular with individuals and businesses. Different types of consumers qualify for different chapters. This is because the legal requirements for these four options differ greatly. The proceedings are also not the same. Trustees are normally appointed to ensure that all the requirements have been met.
Liquidation is the most popular type of debt settlement. It is normally referred to as the chapter 7. Non exempt assets are sold and the money recovered forwarded to creditors.
In chapter 11 and 12 bankruptcies, which are basically business reorganization proceedings, the professional arranges a meeting of creditors and acts as the mediator when the debtor is presenting the repayment plan to creditors and answering all the relevant questions that may come up. Once the plan is approved, the professional will be responsible for collecting payments from the bankrupt company and forwarding them to creditors.
Chapter 13, or personal reorganization, is very popular with consumers. In such cases, trustees ensure that debtors have good jobs or reliable sources of income before the case can move to the next stage. When debtors come up with a repayment plan that suits them, these individuals arrange a meet between the two parties. During the meeting, creditors can put debtors on the spot to justify the reasons why the plan should be accepted.
In cases involving bankruptcies, trustees are the most important figures. They can be looked at as the court's hand, or the long arm of the law. They normally go through the financial statements of businesses as well as personal financial records to identify anomalies, inconsistencies or improprieties involving borrowing or disposal or property among other things. If there are anomalies of any kind, and the petitioner cannot make things clear, the individual may ask the court to throw out the case.
A bankruptcy trustee Calgary residents should know must be impartial. These professionals neither work for the creditors nor the debtor. Their job is to ensure that the rights of both the debtor and creditor are upheld. They are also tasked with ensuring that creditors get some or all of their funds back. Trustees are normally experts in the fields of finance, business, accounting or law among other related fields.
About the Author:
If you are seeking information about a bankruptcy trustee Calgary residents should go to the website at www.bnasolutions.ca today. More details can be reviewed by clicking on the links at http://www.bnasolutions.ca now.
No comments:
Post a Comment