What To Expect At Your Bankruptcy Consultation

We appreciate that filing personal bankruptcy for the first time can be a source of stress.

A lot of our clients are nervous about meeting a BankruptcyCanada.com trustee and choose to delay the consultation for as long as possible.

Unfortunately, the more you linger, the more overwhelming your debt can become.

That’s why our licensed insolvency trustees have decided to put together a brief introduction of what to expect at your bankruptcy consultation and how it could transform your financial situation.

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A bankruptcy trustee assesses your financial situation

The first consultation you receive with a trustee is entirely free.

It is designed to enable the trustee to assess your financial situation and understand your goals and obstacles.

You do not need any referral to reach out to a trustee.

You can quickly look for your local trustee on our website and reach out to set up an appointment.

You should use the consultation as the opportunity to get to know each other.

Even if you have already decided that you may need to file for personal bankruptcy, your trustee requires all the relevant information to advise you effectively:


  • Your creditors: aka who you owe money to;
  • Your debt: aka how much you owe;
  • Your assets: what you own and the value;
  • Your budget: income and living expenses;
  • Your financial goal and or needs or concerns.


The consultation can last up to an hour or over, during which the bankruptcy trustee will review all appropriate debt relief options for your situation.

These may include personal bankruptcy if you are an eligible candidate.

You will also receive reading material to help you decide on the debt management solution you wish to pursue.

Things your bankruptcy trustee needs to know

It is imperative to be completely honest with your trustee.

There is nothing to gain in hiding relevant information that could help the trustee to provide more suitable advice and financial guidance.

Remember that your consultation is completely confidential.

Therefore, you should make sure you let your trustee know if:


  • It isn’t the first time you file for bankruptcy. Your trustee needs to know to advise on bankruptcy requirements and how it can affect the duration of the bankruptcy, or whether it is a suitable debt relief option.
  • You have recently sold assets or repaid some debts; these can be perceived as a preferential transaction by creditors.
  • You have received a notice of wage garnishment from your creditors or a collection agency.
  • You have contracts you would like to cancel, such as lease or membership.
  • You have acquired new debt when you knew you were probably going to file for bankruptcy.


Your trustee needs to understand your difficulties to help you become debt-free.

What if bankruptcy is not the right solution?

A trustee can advise on a variety of debt management plans and solutions.

A consumer proposal can offer relief from your creditors and allow you to repay partially your debt for forgiveness.

A debt settlement plan can let you negotiate a reduced payment amount with your creditors.

A credit counselling debt management program is an effective approach to consolidate debts into one monthly payment that cuts down interests.

We appreciate that you may be nervous about your first bankruptcy consultation.

However, compassionate and understanding trustees are there to help you get a fresh financial start.

Call us to find out more.

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

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