Meeting with a Trustee about Financial Problems

You should bring a list of your debts (recent account statements are helpful) and assets, recent pay stubs if available, and an idea of your monthly income and expenses.  The Trustee will likely have at his or her disposal, a method of placing a value on your vehicle or other assets such as a sled or motorcycle (e.g. Black Book).  If you own your home and have recently had the property appraised by an appraiser or realtor, you should bring that information as well if available.  Using this information the Trustee will work with you to determine the options available to resolve your financial difficulties.

When it comes to events from your past, such as the disposition of assets, it is always best to be up front with your Trustee.  You may find that certain things you are concerned about are not an issue when it comes to identifying a solution to your debt problem.  A Trustee is the best source of information to determine how past events will affect the options available to you.  For example, sometimes where a transaction could cause problems in a bankruptcy, you may choose to file a proposal instead.  If new information comes to light once a file has been started, the options available are more limited than if the Trustee knew about the issue before filing.

If you proceed with a bankruptcy or consumer proposal, a “Statement of Affairs” is prepared that identifies your current assets and liabilities, general information about your personal situation (e.g. occupation), disposition of assets within previous five years and the cause of your financial difficulty.  Once completed, you are required to sign this document as an acknowledgement that this information is true to the best of your knowledge.  Being honest about your situation right from the start will enable you to receive the best advice possible and facilitate a smoother bankruptcy or proposal should this be necessary.

Bradley Milne

Bradley Milne

CIRP, LIT

Senior Vice President

Servicing: Brandon, Killarney, Portage la Prairie, Neepawa, Virden, Souris, Deloraine

Latest Blog Posts

2022-04-19

How to rebuild after a Bankruptcy or Consumer Proposal (3 Minute Debt Break)

Alternatives to Bankruptcy Bankruptcy Consumer Proposal Debt Solutions 3 Minute Debt Break podcast

After completing a Bankruptcy or Consumer Proposal, rebuilding your credit can feel nearly as daunting as getting out of debt. But just a few steps every day will get you where you want to go. The following steps will help you focus on your goals, outline your process and visualize the reward that’s waiting for you at the top.

Read More

2021-08-16

What happens when you commit to a Consumer Proposal (MNP 3 Minute Debt Break)

Consumer Proposal Debt Solutions Alternatives to Bankruptcy 3 Minute Debt Break podcast

While filing for bankruptcy may be a completely viable option for some, it’s not the only option out there. 

Read More

2021-04-22

What is a debt management program and is it better than Bankruptcy?

Michelle Scheller

Alternatives to Bankruptcy Bankruptcy Consumer Proposal

For many people, the stress and uncertainty surrounding the pandemic has only served to compound existing financial difficulties. Loss of income and rising debt loads are adding to the stress and forcing individuals to look at options they never thought they’d have to.  

Read More

Consultation icon