What to Look for in a Bankruptcy Trustee
All bankruptcy trustees adhere to similar federal laws but your economic situation is very unique hence the need to choose a trustee you can trust and with whom you’re comfortable. So, with so many of them how do you choose the best trustee? You may use accreditation, qualification, reviews, and word of mouth to tell if trustee suits but it’s important to choose an empathetic trustee. You should not ask a potential trustee this question but by checking reviews, you will at least have some light. In addition, you can interview and call a trustee to have a feel of how empathetic and understanding they are. Having empathy is very vital since as you continue with the process, you could feel stressed. This is something common and a trustee who’s sympathetic will be of much help. Here are more tips to help you choose a good bankruptcy trustee.
Find a bankruptcy trustee in your area. Many trustees provide consultations at no cost where you and they sit to discuss your monetary options. Any proceeding will come with setting up an appointment. You are not going to incur any cost and you’ll be in a position to tell if a trustee meets your description. It is good to consider a bankruptcy trustee near you so you’ll be attending meetings without strain moving forward.
Next, ask for recommendations, and check reviews. It is probable that the people you trust have been through bankruptcy issues. You can inquire how it was like working with the trustee they hired. Also, check potential trustees’ websites for testimonials and check reputable 3rd party review sites. From all these, you can determine which bankruptcy trustee is seen as amicable and professional.
The next thing is to check how comfortable you feel with a bankruptcy trustee. You and your bankruptcy trustee will talk about a lot of susceptible info such as tax refunds, pending claims, divorce settlement, and nonexempt real estate, among others. If you’re tensed being with a trustee, you’re likely to cover some information that may be critical in determining if you are bankrupt. To settle on this factor, arrange a meeting with a potential trustee and see how well you mesh.
Is the bankruptcy trustee you’re about to hire licensed? To act as a bankruptcy trustee, a person must be competent. To ascertain this, authorities severely screen the competence of those joining the industry. In addition, they revoke licenses of trustees who have complaints filed against them. To be sure of a trustee being trustworthy and competent and following the best legal practices, ask for his/her license number and counter-check with the authorities.