Role of the Bankruptcy Trustee in Canada

In addition to being a qualified debt advisor, a bankruptcy trustee in Canada is a person, licensed by the federal government, to administer your bankruptcy or consumer proposal.  The role of the trustee is to help you understand your options, review your situation to advise you on the best course of action, prepare the necessary paperwork and complete the process from start to finish.

A Canadian bankruptcy trustee has 6 primary areas of responsibility which are to:

  1. Meet with you to assess your debt, review your situation and advise you on all your available alternatives.
  2. Prepare the official paperwork.  Your trustee will meet with you again to review all information, answer any additional questions you may have, and then you will sign the bankruptcy documents.  They will then electronically file your bankruptcy forms with the Office of the Superintendent of Bankruptcy, which is the official start of the bankruptcy process and your bankruptcy protection.
  3. Notify your creditors and mail them documentation (so that they will stop calling you) and begin settlement of claims or negotiations for your proposal.
  4. Review claims, sell assets that are not exempt from seizure and generally administer the bankruptcy from beginning to end.
  5. Ensure that you complete the required credit counselling sessions and all duties required in your bankruptcy.
  6. Apply for you discharge, thereby eliminating your debts.

Each of these responsibilities is important.  When you choose a bankruptcy trustee you will want to look for someone who has both the experience and dedication to complete all of these duties carefully.

Deciding you need financial help is a big decision. Talk to one of our Local Bankruptcy Canada Trustees today. They are members of this site because of their reputation for providing excellent insolvency services in their communities.  All will provide you with a free, no-obligation consultation and will complete their responsibilities with the utmost of care.