Who is the best bankruptcy trustee in Toronto? Truth is, there are many very good bankruptcy trustees in Toronto.
I would like to tell you that we at Rusinek & Associates Inc are near the top of the list, or maybe even on the top step, but there is no such list—no reliable or unbiased list in any event.
So how can you determine who is the best bankruptcy trustee in Toronto?
Well you could visit every company and interview each trustee…but that is not really practical.
So to make things a bit easier to select the “best” trustee, here is a list of the 5 things you should investigate to determine which trustee would be best for you:
5 Key Characteristics of the Best Bankruptcy Trustee in Toronto
- Qualifications (Necessary to be considered the best bankruptcy trustee in Toronto)
Only a Licensed Insolvency Trustee (LIT) can administer bankruptcies and proposals in Canada. Lawyers, Debt Repair Companies or others claiming to be able to administer filings under the Bankruptcy and Insolvency Act cannot. Make sure the company that you are calling is licensed. And steer clear of anyone claiming to do bankruptcies or proposals if they cannot show you their credentials as an LIT. The best bankruptcy trustee in Toronto will not only have the designation as an LIT, but will also be certified as an insolvency counsellor and a commissioner for taking oaths in Ontario.
- Kindness (a key quality in order to rank as the best bankruptcy trustee in Toronto)
When you call or visit the trustee office, observe whether the staff and the trustees are helpful and friendly. Do they seem empathetic and non-judgmental? Do they listen and treat you as a person in need or simply as a ‘number’? Are you getting timely responses to your questions, or are you simply ignored?
Even the so-called ‘best’ bankruptcy trustee can have moments of irritability when handling a high volume of creditors. But that should never spill over into their dealings with you.
At Rusinek & Associates Inc, we know how hard it is to discuss financial troubles. The last thing you need is an impatient or judgmental attitude!
While not quite as important today due to the ability to meet virtually (online), the location of the trustee’s main office can be important if you need to meet urgently in person. It can be frustrating to learn that the main office of a trustee is not in Toronto!
Needless to say, if the main office is not in Toronto, then the trustee cannot be regarded as the best trustee in Toronto!
The trustee office should have ample free parking for those that drive, or should be easily accessible by TTC for those who take public transit.
And needless to say, the office building entrance and washrooms must be wheelchair accessible.
While not a deciding factor on its own, the number of years in business can help alleviate concerns that the trustee may be unable to handle your specific needs. The longer the firm has been in business, the greater the likelihood that they have addressed your type of issue previously or that they have dealt with similar challenges. That said, every licensed insolvency trustee must complete a rigorous course of study and must successfully pass national examinations and oral board examinations. LITs are well trained and are subject to a two year probationary period similar to an articling position for lawyers, before being granted permission to open their own business.
- Trust Your Instincts
Finally, don’t underestimate your ability to sense potential issues. You will be working with the trustee for some time and it is important that you feel free to communicate with the trustee firm on any financial matter. If you feel uncomfortable, walk away and look elsewhere.
The best trustee in Toronto is the friendly professional expert that you can trust to ensure your rights are protected.