You often have to trust your instinct first. Especially when you have trouble falling asleep; creditors harass you; married life is tarnished; we have a hard time paying even the groceries.
When the budget advisors suggest that you consult a bankruptcy advisor, it is awful. Even under these circumstances, we must keep a precious reflex!
If this is your case, it is better to meet two or three bankruptcy advisors before making a choice. Why? This is where my introduction comes into its own: trust your instincts, because you will entrust this financial life to this advisor for a long time. His/her recommendations will dictate much of your family or personal room for your lifestyle, your plans and your ability to decide your future.
In this context, when your nerves are already tested, it must click between you and your bankruptcy advisor, that you feel comfortable because you are going to give him a lot of very personal information, and his job is practically to restore your financial health.
He will have to analyse your situation. If you have an advantage in not going bankrupt, he will suggest various ways of getting out of it: consumer proposal, voluntary deposit, debt consolidation or budgetary refocusing. Otherwise, you will have to embark on a painful mechanism. But, in the end, this is what is rightly called “liberation”.
Another point to watch: does he have a bankruptcy advisory license? Only licensed trustees can administer bankruptcy or a consumer proposal. After a bankruptcy advisor graduates from school, they go through specific tests which licenses them of becoming a professional bankruptcy advisor. They know the latest bankruptcy laws and its proceedings. This ultimately helps you, in the long run, to come out of your bankruptcy.
Does the bankruptcy advisor provide you with a written report, relevant documentation or a complete analysis of your situation at your first meeting? First impression will be the last question! If the bankruptcy advisor is capable of bringing you the necessary documents and analysis of the situation, you must know that he/she is the best one you can go for. In the end, it will be the advisor who will bring value to your application as well as bring you out of the bankruptcy situation.
Has he scrutinised all of your documents and transactions from the past year? Your prior records will be the ultimate proof of what went wrong and how did things go wrong. You might have invested in situations which might have been unnecessary for you. The bankruptcy advisor will ultimately inform you of the things that you need to avoid investing in!
Is his/her language clear? Proper communication is essential between you and your bankruptcy advisor. Everything that you and your advisor communicate must be communicated with ease and with full understanding. The best thing will be to find an advisor who holds expertise in communicating well with his/her clients.
Do you think your problems will eventually be solved if you deal with him? You will have to show all the trust that you have in him ultimately. For this, you must hire someone after you have done all the research. It would help if you asked some friends who hold expertise in the area about some of the best bankruptcy advisors around you.
All in all, Bankruptcy will be a menace for you. With time, if you don’t take the initiatives to curb it, you may soon find yourself in a mess. Can you handle the situation without a bankruptcy advisor? Most people can’t! Hence, the best way to approach this will be by hiring a competent advisor.