4. Trustee Prepares Documents

After you have gathered all required information the trustee will prepare the necessary documents for you to file bankruptcy in Canada.

It’s important to note that bankruptcy in Canada is a legal process, so the assistance of a bankruptcy trustee is required.  It’s not possible to file bankruptcy on your own (just as it’s not possible to build a rocket ship on your own; professional assistance is required).  You can read more in our post on Why do I need a trustee to file Bankruptcy in Canada?

The trustee will take all of the information you have gathered and will create the bankruptcy documents.  These documents will include:

  • a list of your debts (your creditors with their name, address, and amount owing);
  • a list of your assets (what you own, like your car, house or RRSP);
  • a monthly budget; and
  • other personal information, like your name.

In a rush situation the trustee can prepare the documents in an hour or two.  However, in most cases the trustee will require two or three days to assemble any missing information, prepare the documents, and review them for completeness and accuracy.  Unless you are faced with an immediate wage garnishment, the extra two or three days to ensure that the documents are correct is well worth it.

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