“It must be quite depressing to be a trustee in bankruptcy!” Such is a comment I often get when I say that I work in the field of insolvency and debt counselling. People who make such a remark are obviously picturing depressed people unable to settle their debt sitting in my office. Yet, on the contrary, the truth is that the profession of trustee in bankruptcy is extremely gratifying!
Debts and emotions
It’s true that, as trustees in bankruptcy, we meet with people that are depressed, unhappy or stressed. Sometimes, people even experience all these feelings together at the same time. Their debt has become such a burden that they cannot even see how to make it through. They must deal with a sense of failure and often it feels like they’ve just hit a brick wall! Furthermore, the reason for their debt problems — a separation, the sickness of a child or a job loss, for example — may very well bring back painful emotions. It is thus absolutely true to say that the people we meet are often facing a major upheaval, and are all the more made vulnerable.
Such situations are not only the case of individuals. Entrepreneurs may also experience intense emotions if they suspect that they may lose their business, in which they have invested so much of their time and money. Not to mention that building up their business often required a lifetime commitment so there is a lot at stake when facing financial problems.
Trustees in bankruptcy change lives
From the perspective of the debtors, my role as a trustee in bankruptcy is to assist them when they encounter financial difficulties. To put it differently, I am there to help debtors reach the best possible conclusion to a desperate situation.
One must, on the other hand, clearly understand that people usually call upon the services of a trustee in bankruptcy only as a very last resort. Generally, they have been facing debt problems for a long time, and have unsuccessfully tried many times to regularize their situation by their own means.
At this stage, they may be coping with numerous stress factors, including:
- recovery procedures;
- a threat of foreclosure;
- a letter from a bailiff;
- family tensions;
- service cuts (hydro, for example).
At Ginsberg Gingras, through a consumer proposal or a bankruptcy, we enable exhausted debtors to get rid of such threats that loom over them every day.
In any event, even before finding the ultimate solution, it must be recognized that a single consultation with a trustee in bankruptcy can also have positive effects on debtors. They then feel greatly relieved by the simple fact that they have talked about their problems with a professional, and that they now know of some ways to solve them. As soon as the first consultation is done, many tell me that they already feel better, as if a huge weight had been lifted of their shoulders.
Even after 20 years of work in the field if insolvency, my profession still gives me great satisfaction. I take a lot of pride in knowing that each day, I can improve people’s lives. It’s a great feeling.
So, when I am asked if it is depressing to be a trustee in bankruptcy, I answer by saying things like:
- Today, I helped a retired widow keep her house.
Or
- This morning, I helped a young couple balance their budget in order to avoid bankruptcy.
Even though the topic of indebtedness is a very polarizing one, trustees in bankruptcy fill an essential need in our society. It is therefore very gratifying to be a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) and to have the ability to assist insolvent debtors.