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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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What happens to the financial obligations to the trustee?

If a person is a trustee for a family member and files for bankruptcy, what happens to the financial obligations to the trustee

Posted from: Saskatchewan

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One Response to “What happens to the financial obligations to the trustee?”

Doug Stuive, CA | Trustee | CIRP said...

An individual is not permitted to act in the capacity of trustee of someone’s financial affairs while they are in bankruptcy. You would need to seek legal advice about the proper way to handle this but you would have to find another person to act as the trustee until you are discharged from your bankruptcy. Once you are discharged you can resume your appointment as trustee. You may wish to ensure that if you are transferring your duties to another party the legal documents indicates that upon your discharge from your bankruptcy you will be appointed back into the position as trustee.