Bankruptcy Step 1: Contact a trustee in bankruptcy

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Meet with a trustee and learn your options

Step 1: Contact a trustee in bankruptcy and attend a meeting with him or her to talk about your personal financial situation and your options.

To find a trustee in your area, you can

  • consult the Yellow Pages and search using the keywords Bankruptcy Trustees, or
  • consult the Yellow Pages website and search using the keywords Bankruptcy Trustees, or
  • Search the internet using your favorite search engine using the keywords "Bankruptcy Trustees" and "< Your City >"

The trustee will evaluate your financial situation and provide you with an explanation of the merits and consequences of the various options available to help you to solve your financial problems.

What is a trustee in bankruptcy?

In Canada, a trustee in bankruptcy is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute bankruptís property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act (BIA). The bankrupt and all other persons holding bankruptís property must transfer the property to trustee. The trustee may also assist individual in preparing and submitting a consumer proposal to creditors. The trustee must arrange mandatory counselling of the bankrupt. The trustee must follow the procedures under the BIA, call creditors meetings and send the parties required notices of proceedings and documents. The trustee is responsible for preparation of pre-discharge report and may oppose the bankruptís discharge