trustee judgement calls
May 17th, 2008 by Questions
I may soon have to file for bankruptcy due to disability. Although I have read on your site that the trustee is like a referee making sure all is fair, I also realize that many areas will come down to a judgement call by the trustee. This makes me feel very uncomfortable if it is a fact that the more a trustee can liquidate; the more he personally profits. Can you make me feel more comfortable about this area.
Posted from: Ontario
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May 19, 2008 at 9:12 am, Barton Goth GCO Bankruptcy Trustees said:
There is not much discretion permitted to a trustee over what they will liquidate. Each province sets a list of property that is considered exempt or is protected when one files for bankruptcy. So the trustee doesn’t pick and choose what assets of yours they are going to sell, it is determined by legislation. I think you would be best to contact local trustee and let them discuss this with you. I think you will find that most trustee’s are quite reasonable.