If you are considering filing for bankruptcy in Canada you may be wondering what you can expect when you meet with a Bankruptcy Canada Trustee for the first time? What will they ask? Will you need to bring anything with you?
Your Bankruptcy Debt Assessment
The purpose of your initial consultation is for your trustee to get to know your financial situation and for you to get some guidance on how you can deal with your debts. Depending on where you are in the decision making process, and how complicated your debt problems are, your initial consultation could last up to an hour.
Your trustee will ask you some information about your finances:
- who you owe money to,
- how much you owe,
- what you own,
- what your income and living expenses are, and
- any special concerns or needs you may have.
With this information your trustee will explain all your debt relief options and how they will work for you. It is up to you to decide what is best for you. If you are undecided, your trustee may give you some reading material and other information to review. Take your time and be sure whatever you choose is the right choice for you.
Things To Tell Your Bankruptcy Trustee
Your bankruptcy trustee will ask you a lot of questions in order to fully understand your situation however, since each person’s problems are unique, be sure and tell your trustee about any of the following:
- if you have previously been bankrupt so you trustee can advise you on how this will affect your bankruptcy requirements including how long you will be bankrupt.
- if you have recently sold any assets or repaid any debts (other than normal monthly payments) as these may be seen to be preferential transactions by your creditors.
- if you have recently acquired new debt when you knew you were likely to file for bankruptcy.
- if you have received, or may receive, notice of a wage garnishment.
- if you have any contracts you would like to cancel such as a car lease or membership.
We understand what it is like to be facing some sort of financial difficulties. To learn more about bankruptcy in Canada and your alternatives to bankruptcy, please contact a Bankruptcy Canada trustee near you.
Remember that help is available – all you need to do is ask and we will help you develop a plan that is right for you and your family.