What is a Trustee In Bankruptcy?
If you have landed on this page you are probably in a position where you are have debt problems and are looking for help. You may have seen a Trustee or are considering seeing a Trustee. After reading this you will know exactly what a Trustee is and have no fears around them or your situation
According to Wikipedia: in Canada a Trustee in Bankruptcy is licensed by the Superintendent Of Bankruptcy, to hold in trust, a bankrupts property, and subsequently to distribute bankrupt’s property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act.
What Does A Bankruptcy Trustee Do?
If you have debts that are greater than your assets, and you are unable to meet your monthly bills as they come due, a bankruptcy trustee is the only person in Canada that can help you to:
A trustee is also the best person to see as they can help you to:
What Is So Special About a Trustee In Bankruptcy?
Trustees are the most highly educated and trained debt professionals in the entire country. In order to become a Trustee In Bankruptcy, a person needs to:
Although they undergo all this training, the government regulates a Trustee’s fees. So you will find they are probably the least expensive alternative to any debt professional.
A trustee is also regulated to tell you about all of your options. They must ensure you are aware of the duties imposed upon you by the law. You are also protected when dealing with a trustee as
· They abide by a regulated code of ethics.
· There is a regulated dispute mechanism, whereby if you are not happy with the service you can discuss it with the OSB.
Feeling Stuck and Overwhelmed?
Navigating a complex process such as bankruptcy, or filing a consumer proposal is difficult. Making the wrong decision can affect you and your family’s lives forever. You should not be doing this alone.
We strongly advise that you contact us. Your first consultation will be free.