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4 Pillars or a Licensed Insolvency Trustee (AKA Bankruptcy Trustee): your best option in Halifax

By David Moffatt

4 Pillars or a Licensed Insolvency Trustee (AKA Bankruptcy Trustee):  your best option in Halifax

When most people are carrying debt they assume they can just pay it off and be done with it.  But someone struggling under the weight of their debt knows this is rarely the case.  Perhaps you’ve tried to manage your debt on your own, only to find it growing around you, cutting off your cash flow, your savings, and your security.  Today consumers have a lot of options when it comes to dealing with their debt but who can you trust to solely work on your behalf and guide you through the debt maze?  Who has the expertise to only focus on what is in your best interests, to see you through this stressful time and help you rebuild your credit and your financial future?  Whether you’re considering Bankruptcy or a Consumer Proposal, who is really on your side?

4 Pillars Debt Halifax Consultants work for the YOU the consumer.  Trustees Work for your Creditors. 

If you are considering Bankruptcy or a Consumer Proposal to deal with your debt you are legally required to go through a Licensed Insolvency Trustee (formerly known as a Bankruptcy Trustee) to file and administer a Bankruptcy or Consumer proposal. However, the Trustee is NOT legally required to work in your best interests.  In fact, the Trustee you are entrusting with your financial life has several statutory obligations under the Act, none of which is to act as a financial advisor to a consumer struggling with consumer debt. Nor are they obligated to help a consumer get the best possible result when making a consumer proposal or a bankruptcy and has a fiduciary duty to your creditors.  Though you are legally required to file through a trustee, there is nothing preventing you from having an expert of your own to navigate the process, advocate on your behalf, and ensure you get the best possible outcome for your personal situation.

If you’re buying a house you don’t call up the seller’s realtor and say ‘I want that one!’ That would be a huge conflict of interest on their part.   Instead, you would of course have your own realtor work on your behalf to ensure you got the best deal.    In the real estate industry representing both parties is called a ‘Dual Agent’.  Being a ‘Dual Agent’ doesn’t mean they are operating outside the bounds of the law, regulation or even ethical conduct but does require both parties to fully understand and sign numerous discloses acknowledging the financial conflict exists.  The conflict even goes beyond price and impacts every negotiating point of the transaction and the conditions placed on the deal. Like any significant negotiation, the ideal situation involves four parties – in this case the buyer, the buyer’s agent, the seller, and the seller’s agent.  When seeking debt settlement through a Consumer Proposal or Bankruptcy the ideal situation involves you (the consumer), your Advocate (4 Pillars), the Trustee and your Creditors.

At the end of the day anyone entering into this type of Real Estate transaction must remember that the buyer and seller will always have conflicting interests in the price and conditions of the sale, and this type of transaction although rare is no different when using a Licensed Insolvency Trustee without your own representation. As a result very few Bankruptcy’s and Consumer Proposals are filed this way.

4 Pillars Debt Consultants work for you and only you.  There is no conflict of interest.  Their priority is to reduce your debt by up to 80 percent, work with you on a comprehensive credit rebuilding plan so you are not left vulnerable for future financial challenges and see you completely debt free within 5 years.  And they do this with compassion, and understanding.

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4 Pillars Creates Lasting Solutions

When you work with a 4 Pillars Halifax Debt Specialist you are aligning yourself with a financial expert who will work to create the best solution for your financial situation.  But that is just the beginning.  Your debt can wreak havoc on your credit score, making it impossible to move beyond your debt.  Forget about getting a mortgage, you can’t get the local furniture store to give you credit.  4 Pillars has programs in place to help you rebuild you credit score, quickly and effectively.  They will help you create a realistic budget that lets you plan for your future. If you’re unsure of your debt situation or how to proceed, 4 Pillars free online Debt Bootcamp helps educate you.  Because 4 Pillars offers a comprehensive After Care Program, you’re not a forgotten number once your debt is dealt with, you’re a valued client for life.

4 Pillars has been helping Canadians reduce their debt since 2002. In fact over 97% of their clients have successfully completed their debt restructuring plans; making 4 Pillars an industry leader in Canada.  4 Pillar’s After Care Program is so successful that competing companies have been sending their clients to 4 Pillars to ensure they have the tools to not only stay out of debt, but they are able to reach their financial goals.

4 Pillars Culture of Caring 

4 Pillars has helped thousands of Canadians see their way out of debt.  With a little tenacity and persistence, our Debt Specialist in Barrie Ontario was able to help a young family avoid bankruptcy and reduce their debt from $120,000 to $19,500.

The young family approached 4 Pillars looking for help with their debt.  They’d been to a Trustee in Toronto who told them they could only reduce their debt to $81,000 leaving them with a monthly payment of $1350.  This amount was still more than they could afford and they feared they would soon lose everything.  The 4 Pillars Debt Specialist knew there were better options for this hard working family and she set out to reduce their debt even further. Through perseverance she negotiated with the bankruptcy trustees to structure a Consumer Proposal this young family could afford; taking their monthly payments from a staggering $3500 a month to an affordable $350 a month over the next 60 months!

should I declare bankruptcy or file a consumer proposal Canada

 

I’m David Moffatt, your 4 Pillars Debt Specialist in Halifax.  Over the next two installments I’ll be explaining the approach that credit counsellors and trustees take with your debt and I’ll also give you a glimpse into your debt free future.

David Moffatt from Halifax Nova Scotia

To learn more about debt settlement or if you have any concerns about your own debt situation, call me today to set up your free initial consultation. (902) 482-9748.

4 Pillars Debt Solutions.  Visit us at 4Pillars.ca


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