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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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What should I be asking?

I need to chose a trustee to file for bankruptcy. What questions should I be asking potential trustees to determine which one would be the best for me?

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One Response to “What should I be asking?”

A licensed trustee said...

Before I answer your question, I would like to make certain you understand the relationship that will exist between you and your trustee.

You do not “hire” a trustee to work for you. Even though in most cases you actually pick the trustee you are going to deal with – the trustee does not work for you. Even though you are making payments to the trustee – the trustee does not work for you.

Your trustee is an officer of the Court and they are obliged to try and collect as much money as possible on behalf of your creditors. They have a duty of care to anyone involved in the process, including you, but the trustee does not work for you.

The best way to think of a trustee is to treat them like a referee. Just like a referee will explain to you how to play a game and what the rules are, your trustee will explain to you the duties and requirements of filing bankruptcy.

If you don’t play by the rules a referee will assign you a penalty. If you don’t comply with your duties in a bankruptcy so will your trustee.

That being said, most trustees appreciate the fact that you are going through a very stressful time and they will deal with you in a compasionate manner. The fact that you went looking for a trustee is a good sign that you are ready to solve your financial problems and your trustee wants to help.

How do you pick one?

Well, I suggest you start with the internet. Do a search on the word bankruptcy and the name of the city in which you live (for instance: bankruptcy Guelph – that’s where I live). That should give you a list of local trustees and you can link to their websites to see what they have to say and how they say it.

If one site makes you feel more comfortable then you might e-mail them a question or book a consultation to see someone in person.

You need to make certain that you are comfortable with the people you are going to be dealing with because this relationship is going to last at least 9 months. If you are not comfortable with the person you see then you should probably talk to someone else.

I hope this helps and good luck sorting our your financial problems.