As one of the licensed insolvency trustees that meets with people in our Kitchener bankruptcy office, I am often asked: “what should I bring to my first meeting with the trustee”? Some people are worried that we will ask them to bring every scrap of paper in their house, and they are worried that they will not be able to provide all of the information we need. My response is to tell them not to worry, we can perform an initial assessment of your situation with very little paperwork up-front, although the more information you can provide, the easier it will be for us to help you make a plan to deal with your debts.
There are three significant items I need to understand about your situation:
- First, I want to understand who you owe money to (your creditors). You can make a list of all of your credit cards, bank loans, and other debts, or you can bring in your most recent statements.
- Second, I need to know what you and your spouse earn each month (your take home pay), and what it costs you to live (rent, food, and all other living expenses). This helps us determine what type of plan will work best for you, including perhaps a consumer proposal.
- Third, I will ask what assets you own, such as a house, car, or RRSP. If you file for personal bankruptcy in Kitchener you may lose some or all of your assets, so it’s important that we review them before you make any decisions.
If you don’t have all necessary information when we first meet, we will review your situation based on what you have, and we can gather the remaining information later. We will work on the paperwork; initially, reviewing your situation and working out a plan is most important, so please e-mail us a question or give us a call in Kitchener at 519-747-0660, and let’s get started.