Bankruptcy Ottawa

When anyone Ottawa files an assignment in bankruptcy, there is a trustee appointed. Just like in any other city Ottawa bankruptcy trustees are individuals who have been licensed by the Superintendent of Bankruptcy. The trustee’s job it is to administer bankruptcies and creditor proposals in accordance with procedures and practices laid out by the Superintendent of Bankruptcy.

Even though their job is to represent the creditors in the sale and distribution of assets to creditors, the trustee also insures the debtor’s rights are respected under the law.

In terms of services to the various debtors, the bankruptcy trustee can help negotiate settlement agreements with the creditors, making any necessary arrangements, provide debt counselling or help you avoid bankruptcy by making a formal proposal negotiate new terms and conditions on monies owed.

What does a bankruptcy trustee do?

Basically the trustee has two main functions. The first is to determine what assets are available to him under the law This means you have to disclose all your assets, cars homes, jewellery, collectables, stocks, bonds, and investment portfolios etc. The trustee will then determine what is to be sold and what you may keep. The trustee determines what the assets are sold for and to whom.

Secondly, the bankruptcy trustee will disburse the money from the sale of the assets (if any) to your various creditors. Once the trustee gets involved you as a debtor have no say in the matter in terms of who gets paid what.

There are lots of Ottawa bankruptcy trustees to choose from. There are directories on line that will list all the trustees in the Ottawa area as well as the yellow pages. As a consumer it is wise to educate yourself on how to choose a good trustee. You will find a category on this site that deals with the does and don’ts.