Personal Debt Solutions Canada - Visit a Trustee in Bankruptcy
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Why See a Bankruptcy Trustee Before You Decide
Why should you see a Bankruptcy Trustee before deciding on your debt repayment options?
What is a Trustee in Bankruptcy?
The website of the Superintendent of Bankruptcy, the office of the Canadian Federal government that overseas all insolvency legislation in Canada, describes trustees in bankruptcy as:
"A trustee in bankruptcy is a person licensed by the Superintendent of Bankruptcy to administer proposals and bankruptcies and manage assets held in trust. The trustee can give a debtor information and advice bout both the proposal and bankruptcy processes and make sure that both the debtor's rights and the creditor's rights are respected,"
Trustees are the only professionals who can oversee the insolvency model that provides debtors the option of declaring bankruptcy or paying a portion of their debts back that is binding on all creditors. This is because bankruptcy trustees are the only insolvency experts governed by Canadian government legislation the Bankruptcy and Insolvency Act, which outlines the rights of debtors and creditors while going through the bankruptcy or proposal process. Federal legislation means that all debtors and creditors have the same rights throughout Canada.
Trustees are not just for filing bankruptcy. A trustee in bankruptcy has undergone significant training to become familiar with all aspects of the insolvency system. From your rights while negotiating directly with your creditors, to preparing family budgets, credit counselling, and all the way up through the complexity of filing for personal bankruptcy, a trustee in bankruptcy is the person who has knowledge in all of these areas. A thorough understanding of each of the options available, allows trustees to present an unbiased array of options to debtors.
Almost all trustees have a professional accounting designation, a university degree, or both. They have also successfully completed a 3-year, professional government approved program, through the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). As well CIRP's are governed by a professional organization that requires yearly ongoing professional development obligations and a strict adherence to a
Find a federally regulated licensed trustee in your area by clicking on our map below.