a) disclose and deliver all assets they own or are in control of - there are some assets (to certain dollar value depending on province - see Ontario limits here) that are exempt form seizure of a trustee, such as household goods, personal effects, vehicle, tools of the trade, and some insurance contracts;
a.1)deliver to trustee, for cancellation, all credit cards issued and have in possession;
b) deliver to trustee all required books, records, and documents relating to property and affairs; c) if specifically required, attend for an examination under oath to answer questions regarding conduct, cause of insolvency, and disposition of property;
d) prepare a statement of affairs detailing assets, liabilities and other prudent information, which then is sworn to be a true statement;
e) assist trustee with making a list of inventory of assets;
f) disclose to the trustee all property disposed of within the period of one year before the date of the initial bankrupt event;
g) disclose to the trustee all property disposed of by gift or settlement without adequate valuable consideration within 5 years prior to the date of the initial bankrupt event;
h) attend the first meeting of creditors if a meeting is called;
i) when required, attend other meetings with creditors or inspectors, or attend for trustee;
j) attend other examinations under oath with respect to property or affairs as required;
k) aid with trustee in realization of non-exempt property and the distributions of proceeds among creditors;
l) execute any powers of attorney, transfer, deeds and instruments or acts that may be required;
m) review creditors proof of claims if trustee requests;
n) if you are ware that someone filed a false claim, disclose this immediately to trustee;
n.1)inform the trustee of any material change in bankrupt's financial situation;
o) generally do all such things as a reasonable given situation with consideration for the law;
p) keep trustee appraised of the bankrupt's location at least until estate is completed.
This list may seem overwhelming, but in general, the Bankruptcy and Insolvency Act is there to give the honest but misfortunate debtor a fresh start, so this section ensures that someone acts honestly and in good faith.
More details can be obtained at the Office of Superintendent of Bankruptcy's website.
To discuss these duties and your financial situation, please call us at 310-PLAN or e-mail us.
posted by Scott Schaefer, CA @ 3:55 PM
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