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Are you in financial difficulty? It's possible to file bankruptcy and keep your house, your car, your toys etc; but you would be well advised to visit a specialist in debt restructuring before you see your friendly trustee.

Choose Your Specialist Carefully

Choosing the correct specialist to assess your financial problem may soon be as difficult as choosing the right lawyer. Colleges and Paralegal Associations are turning out persons with a certificate that entitles them to hang up a shingle and profess to be a credit/debt manager or other title of their choosing.

The certificate would appear to have little if any other value. The problem is that these same credit/debt managers are charging the unsuspecting public for nothing more than a referral to a trustee's office.

So BEWARE!!!

Be Knowledgeable About Trustees

Consider this also; it is against the law for your trustee to give you any advice with respect to the protection of your assets.

That's right.

The law clearly sets out that the trustee's obligations are to represent your creditor's interests only. Fair minded trustees struggle with this issue trying to set a fair and equitable payment that the debtor can afford while still trying to recover the most money for the benefit of the creditors.

You Have the Right to Representation

Lets suppose a claim was filed against you in court. If you can't afford a lawyer, you would hope to have a qualified paralegal or knowledgeable advocate to represent you. Why is it that we don't understand we should have the same protection in Bankruptcy Court when facing financial ruin? Is it that we don't realize the trustees office is the commencement of a court action?

Do Your Homework

Before deciding on a representative or credit/debt manager ask the following:

• Do they carry Errors and Omissions Insurance? (Insurance that protects you against their possible mistake).
• Do they belong to any Professional Organizations or Societies that hold them accountable to very high standards of Ethics?
• Does that Society have a Code of Conduct?
• Can that Society enforce Disciplinary Procedures if you are not satisfied with their work?

Then call that Society and confirm their answers. Don't be shy; it's your money they are handling for you.

Have a great year and … Think thrifty!!!