Meeting With Your Licensed Insolvency TrusteeOnce you have chosen a Licensed Insolvency Trustee you will need to make an appointment to meet with him or her. The initial consultation will be free.

Your initial meeting may be with an administrator and not the Licensed Insolvency Trustee. Administrators are highly skilled and trained. They are also under the close supervision of a trustee in bankruptcy. Before you sign any bankruptcy or proposal documents, a trustee in bankruptcy will meet with you and do an assessment of your financial situation. The trustee in bankruptcy will also sign some of the documents along with you.

Preparing For Your Meeting With the Trustee

Your meeting with the trustee or administrator is your opportunity to get information to find out if bankruptcy or a proposal is right for you.

It is a good idea to do some research so you know something about bankruptcy and proposals.

It pays to be well organized. You can only get the best advice if you provide the trustee with all relevant information about your situation. Your trustee may ask you to fill out a financial information form. Having basic information available will help your meeting go smoothly and be productive.

Write down any questions that come to mind so you don’t forget to ask them during your consultation.

Key Issues Before You Proceed

Remember that at your first meeting with the administrator or trustee, you are deciding whether this person is the right person to administer your bankruptcy or proposal. You may want to consider whether you are going to be comfortable dealing with this trustee and whether you trust the advice he or she is giving you.

You may also want to ask the trustee if he or she sees any reasons why you may not get a discharge from bankruptcy. This is important because if you do not get your discharge, then after the trustee gets his or her discharge from administering your bankruptcy estate, the stay of proceedings is lifted and the creditors can pursue you for payment of your debts. It is just as though you were never in bankruptcy.

Understanding Your Responsibilities

What happens once you have agreed to declare bankruptcy? Most trustees will provide you with a written list of your responsibilities, including the following:

* Monthly payments required;
* Monthly income and expense reports to be completed;
* The two counselling sessions you must attend;
* Tax return information required;
* Creditor’s meeting date (if required);
* Any other items forming part of your duties.

Make sure you complete everything in a timely manner. If you do not, it may mean the trustee will have to oppose your discharge from bankruptcy. If you do not get a discharge from bankruptcy, then after the trustee is discharged the stay of proceedings is lifted. At this point the creditors can pursue you for payment of your debts, just as though you were never in bankruptcy,

If you have any questions about bankruptcy or consumer proposals you can set up a FREE consultation with our trustees, who are in every province and territory in Canada: or call Bankruptcy Canada directly: 1-877-879-4770.