[et_pb_section fb_built=”1″ admin_label=”Banner Image with Heading and Text” module_class=”vertical-align” _builder_version=”4.16″ background_color=”#e7dff3″ use_background_color_gradient=”on” background_color_gradient_type=”circular” background_color_gradient_stops=”rgba(91,37,175,0.44) 15%|rgba(91,37,175,0) 70%” background_color_gradient_overlays_image=”on” background_color_gradient_start=”rgba(91,37,175,0.44)” background_color_gradient_start_position=”15%” background_color_gradient_end=”rgba(91,37,175,0)” background_color_gradient_end_position=”70%” background_image=”\/wp-content\/uploads\/2020\/07\/discovering-ways-to-consolidate-debt_hero.jpg” min_height=”550px” bottom_divider_style=”wave2″ bottom_divider_color=”#e7dff3″ bottom_divider_height_tablet=”70px” bottom_divider_height_phone=”50px” bottom_divider_height_last_edited=”on|phone” background_last_edited=”on|phone” background_size_phone=”cover” background_position_tablet=”top_center” background_position_phone=”top_center” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row custom_padding_last_edited=”on|phone” admin_label=”Row” _builder_version=”4.16″ background_enable_image=”off” max_width=”100%” custom_margin=”||||false|false” custom_padding=”||80px||false|false” custom_padding_tablet=”” custom_padding_phone=”” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_text admin_label=”Heading” _builder_version=”4.16″ text_font=”|600|||||||” text_font_size=”42px” text_line_height=”1em” text_orientation=”center” background_layout=”dark” module_alignment=”center” custom_margin=”||26px|||” animation_direction=”top” text_text_shadow_style=”preset2″ global_colors_info=”{}”]Debtor, Creditor, and Trustee[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” next_background_color=”#ffffff” _builder_version=”4.16″ _module_preset=”default” background_color=”#e7dff3″ custom_margin=”||||false|false” custom_padding=”||140px||false|false” custom_padding_tablet=”||120px||false|false” custom_padding_phone=”||100px||false|false” bottom_divider_style=”wave2″ bottom_divider_flip=”vertical” bottom_divider_height_tablet=”80px” bottom_divider_height_phone=”50px” bottom_divider_height_last_edited=”on|phone” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
A bankruptcy trustee<\/strong><\/a> is a person licensed to administer bankruptcies and proposals under the Bankruptcy and Insolvency Act<\/em> in Canada. Their credentials and experience vary, with some trustees in bankruptcy specializing in certain types of cases. They are licensed by the Office of the Superintendent of Bankruptcy<\/a>.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.16″ _module_preset=”default” background_enable_color=”off” custom_padding=”||120px||false|false” custom_padding_tablet=”||115px||false|false” custom_padding_phone=”||110px||false|false” top_divider_flip=”vertical|horizontal” top_divider_height_tablet=”95px” top_divider_height_phone=”65px” top_divider_height_last_edited=”off|desktop” bottom_divider_style=”curve2″ bottom_divider_color=”#5B25AF” bottom_divider_flip=”horizontal” bottom_divider_height_tablet=”80px” bottom_divider_height_phone=”50px” bottom_divider_height_last_edited=”on|desktop” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Another important term to understand is “debtor.” This is someone who is in debt and is seeking help from a trustee<\/strong>. The debtor owes the money and is the person who declares bankruptcy<\/a> or files a Consumer Proposal<\/a>.<\/p>\n For more information and resources for debtors<\/a>, you can visit the OSB website but it may be easier to explore all of your options<\/a> with us first. Bankruptcy is usually considered a last resort.<\/p>\n A trustee in\u00a0bankruptcy is an officer of the Court. While they are responsible for ensuring that a debtor\u2019s rights are not abused, they must uphold the rights of the creditors<\/a>.<\/p>\n A creditor <\/strong>is someone who lends someone money. In an insolvency (bankruptcy) situation, the creditors are those companies who have lent the debtor money. For example, creditors can be banks, credit unions, credit card companies, payday loan companies, or even private lenders.<\/p>\n Upholding the rights of the creditors means that a trustee in bankruptcy\u00a0must:<\/p>\n If you decide to file for bankruptcy it is important that you are honest about your situation before and during the bankruptcy process.<\/em><\/p>\n Ultimately, as an officer of the Court who specifically works on bankruptcy <\/strong>cases, a trustee must be able to state to the Court <\/strong>that their client, the debtor, has met the conditions to be discharged from their bankruptcy<\/a>. If they are not able to state that, a trustee has the option to request a conditional discharge<\/a>, a suspended discharge<\/a> or even that the discharge is refused<\/a>. One reason a discharge may be refused is if the debtor has been dishonest, either before they claimed bankruptcy<\/a>, or during the process to obtain their discharge.<\/p>\n A common reason for a delay in bankruptcy discharge is to give you extra time to pay your creditors.<\/em><\/p>\n A common reason for a trustee to ask that a debtor\u2019s discharge<\/strong> be delayed is so that the debtor has extra time to pay more money to their creditors. If this happens, your trustee will explain the process to you. \u00a0Once you have declared bankruptcy you need to follow through with the trustee\u2019s procedures in order to be discharged. Otherwise, you may be left in an uncertain legal position. Your financial affairs will be put on hold until your situation is sorted out. This can become a lengthy and costly process.<\/p>\n Filing or claiming bankruptcy isn\u2019t a one-day event. It is the start of a legal process to eliminate debt. The bankruptcy process will take at least<\/em> 9 months to complete.<\/strong><\/p>\n At the end of the process, the goal is for someone to be discharged from the process of going bankrupt<\/strong>. After all the requirements have been met, someone is released from their obligations. This is what \u201cdischarged from bankruptcy<\/strong>\u201d means.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” next_background_color=”#ffffff” admin_label=”CTA 1 – You’re not alone” _builder_version=”4.16″ background_color=”#5b25af” background_enable_image=”off” max_width=”100%” custom_padding=”70px||1px||false|false” custom_padding_tablet=”5px||30px||false|false” custom_padding_phone=”” top_divider_height=”180px” top_divider_flip=”horizontal” top_divider_height_tablet=”100px” top_divider_height_phone=”” top_divider_height_last_edited=”on|phone” bottom_divider_style=”curve2″ bottom_divider_height=”150px” bottom_divider_style_last_edited=”off|tablet” bottom_divider_height_tablet=”80px” bottom_divider_height_phone=”70px” bottom_divider_height_last_edited=”on|phone” scroll_blur=”0|40|60|100|100px|0px|0px” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row custom_padding_last_edited=”on|phone” admin_label=”Service Section Title” _builder_version=”4.16″ custom_margin=”|auto||auto|false|false” custom_padding=”||140px||false|false” custom_padding_tablet=”100px||100px||false|false” custom_padding_phone=”100px||||false|false” animation_direction=”top” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Title” _builder_version=”4.16″ text_font=”|700|||||||” text_text_color=”rgba(255,255,255,0.6)” text_font_size=”30px” text_line_height=”1em” header_font=”||||||||” header_text_color=”#ffffff” header_2_font=”Montserrat|700||on|||||” header_2_font_size=”42px” header_2_line_height=”1.3em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center” background_layout=”dark” max_width=”700px” module_alignment=”center” animation_direction=”bottom” inline_fonts=”Work Sans” global_colors_info=”{}”]<\/p>\n Need some questions answered?<\/p>\n [\/et_pb_text][et_pb_text admin_label=”Title” _builder_version=”4.16″ text_font=”|700|||||||” text_text_color=”#ffffff” text_font_size=”30px” text_line_height=”1em” header_font=”||||||||” header_text_color=”#ffffff” header_2_font=”Montserrat|700||on|||||” header_2_font_size=”42px” header_2_line_height=”1.3em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center” background_layout=”dark” max_width=”700px” module_alignment=”center” custom_margin=”-15px||||false|false” custom_padding=”||0px|||” animation_direction=”bottom” inline_fonts=”Work Sans” global_colors_info=”{}”]<\/p>\n Wondering if bankruptcy is for you?<\/p>\n [\/et_pb_text][et_pb_text admin_label=”Subtitle” _builder_version=”4.16″ text_font=”||||||||” text_text_color=”#ffffff” text_line_height=”1.8em” header_font=”||||||||” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”|||” custom_padding=”0px|||||” animation_direction=”bottom” global_colors_info=”{}”]<\/p>\n If you feel that you’re situation is so bad that you may need to declare bankruptcy, don’t worry. You’re not alone. This is how a lot of people feel when they don’t see any light at the end of the tunnel. <\/p>\n [\/et_pb_text][et_pb_text admin_label=”Subtitle” _builder_version=”4.16″ text_font=”||||||||” text_text_color=”#ffffff” text_line_height=”1.8em” header_font=”||||||||” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”-20px|||||” custom_padding=”3px|||||” animation_direction=”bottom” global_colors_info=”{}”]<\/p>\n Fortunately, for many people who feel this way, there are other less severe options. Speak with one of credit counsellors to learn all your options. They’ll be happy to carefully review your whole financial situation with you and answer any questions you may have. Speaking with our certified counsellors is always free, confidential and without any obligation. We’re here to help.<\/p>\n [\/et_pb_text][et_pb_button button_url=”\/contact-us” button_text=”Let Us Help You” button_alignment=”center” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” button_bg_color=”#2ad13d” button_icon=”5||divi||400″ global_colors_info=”{}” button_bg_color__hover_enabled=”on|hover” button_bg_color__hover=”#2ad13d” button_bg_enable_color__hover=”on” button_border_radius__hover_enabled=”on|hover” button_border_radius__hover=”8px”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”||120px||false|false” bottom_divider_style=”wave2″ bottom_divider_color=”#E7DFF3″ bottom_divider_flip=”horizontal” bottom_divider_height_tablet=”70px” bottom_divider_height_phone=”50px” bottom_divider_height_last_edited=”on|phone” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n If you are struggling to pay your debts and aren\u2019t sure if you need to file for bankruptcy, get help determining your options. \u00a0We can also go into more detail about bankruptcy definitions<\/strong> and explain the role of a bankruptcy trustee<\/strong>, creditor <\/strong>and your role as the debtor<\/strong>. One of our Credit Counsellors will answer your questions and provide you with guidance and information so that you can make an informed decision. Contact us<\/a> today by phone at 1-888-527-8999, by email<\/a> or chat with us online<\/a>\u00a0now.<\/p>\nThe Role of a Debtor in Bankruptcy – Get Help from a Trustee<\/h2>\n
The Role of a Creditor in the Bankruptcy Process – Insolvent Debtor<\/h2>\n
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How Discharge Works – Bankruptcy, Court | Refusal, Conditional and Suspended<\/h2>\n
Follow Your Trustee’s Process to be Discharged and Avoid Legal or\u00a0Financial Uncertainties and Additional Costs<\/h2>\n
Filing for Bankruptcy is a Lengthy Legal Process<\/h2>\n
Common Questions About a Bankruptcy Trustee<\/h2>\n
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Contact Us for More Information About Bankruptcy Definitions – What a Bankruptcy Trustee, Creditor or Debtor Is<\/h3>\n