Personal Bankruptcy Directory Edmonton Edmonton Personal Bankruptcy Questions and Answers

The majority of residents in financial difficulty in Edmonton think the only thing a bankruptcy trustee can do for them is help with the process of declaring personal bankruptcy.  Indeed, those who take the time to search the Internet for information about trustees and what we do can find this description on the website of the Office of the Superintendent of Bankruptcy (OSB)

• A trustee in bankruptcy is a person licensed by the Office of the Superintendent of Bankruptcy (OSB) to administer bankruptcy and proposal estates. An officer of the Court, the trustee has an obligation to look after the rights of the creditors and to investigate the affairs of the debtor, as required. The trustee also ensures that the rights of the debtor are not abused.

 

Most searchers would stop with the description, convinced bankruptcy trustees cannot help them if they are trying to stay out of bankruptcy.  However, those who read on to learn our specific duties would find the following:

The trustee’s primary duties are to

 

• review the situation and counsel the debtor on available alternatives;
• prepare official documentation that is both filed with the OSB and used to notify creditors;
• ensure the validity of creditors’ claims;
• ensure that debtors are provided with mandatory counselling and access to mediation services if there is a dispute regarding any income they are required to contribute;
• sell the debtor’s assets, except those exempt from seizure by provincial and federal laws, and hold the proceeds in trust for distribution to creditors;
• administer the bankrupt estate from beginning to end;
• assess the debtor’s conduct both before and during a bankruptcy, as well as the cause(s) of the bankruptcy; and
• make an application for a debtor’s discharge (in the case of individual debtors).

Note the first duty, highlighted in bold.  The fact is, we are required by law to make sure anyone who comes to us for help understands his or her options for staying out of bankruptcy.

In addition, we explain those alternatives as they relate to your personal circumstances.  When you come to see us, we start with an assessment of your financial condition.  A debt consolidation loan is one alternative to bankruptcy, but if your credit is bad it might not be a valid solution for you.

Although personal budgeting can help some people get back on their feet, in cases of income loss, we will look for other alternatives.  Finally, in some cases, bankruptcy is the best solution for your financial difficulty in Edmonton.  However, should you decide to declare, you will do so knowing what the alternatives were and why they were not best suited to you.

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