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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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paying a trustee

Can a trustee collect money for him/herself from a bankrupt on assets considered as equity?

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One Response to “paying a trustee”

A licensed trustee said...

I am not certain you understand how the bankruptcy process works. If you have equity in an asset and you file for bankruptcy then your trustee is required to either collect from you an amount equal to the equity or seize and sell the asset. All of the money collected by your trustee is held in trust until your bankruptcy has been completed. The first thing that is done with the money is your trustee is paid a percentage as a fee.

I hope this answers your question.