Bankruptcy Trustee in Vaudreuil-Dorion

Bankruptcy trustees are professionals whose profession is also known as licensed insolvency trustees (LITs). They help individuals and companies in financial difficulty to overcome overindebtedness. Their profession is regulated by the federal government, and they play a crucial role in the insolvency proceedings.

When you deal with a trustee in bankruptcy, he or she will assess your financial situation. They will then explain the various insolvency options available to you and advise you on the solution best suited to your situation. Consumer proposals and personal bankruptcy are among the options available to most individuals.

Once you have chosen an insolvency option, your trustee administers the rest of the process to ensure that it is carried out in accordance with the law. This includes contacting your creditors and collecting your assets. The same goes for distributing funds to creditors and obtaining the necessary court orders.

One of the most important functions of a licensed insolvency trustee is to protect the interests of both debtors and creditors. From the moment your trustee becomes involved in your case, they will act as an impartial intermediary between you and your creditors. They will ensure that the rights of all parties are respected and that the insolvency process proceeds fairly.

Choosing the right licensed insolvency trustee is an important decision that can have a significant impact. You need to choose the trustee you feel most comfortable with and trust to help you through this difficult time.

At M. Roy & Associés, we understand that choosing a trustee is a personal decision. That's why the first meeting with one of our advisors is free and without obligation. During this consultation, you can discuss your financial situation in complete confidentiality and explore your options. We're committed to providing you with clear, honest advice to help you make the best decision for your financial future.

It's important to consult a licensed insolvency trustee as soon as you encounter significant financial difficulties and are considering insolvency.

Even if you're unsure about declaring bankruptcy, it's always a good idea to consult a trustee for advice. A trustee can explain your options and help you determine the best solution for your situation.

Remember, you're not alone. Many people go through financial difficulties every year and seek the help of a trustee in bankruptcy to get back on their feet. Schedule an appointment with one of our professionals to get the advice and assistance you need. M. Roy & Associés can help you get through this difficult period and achieve financial stability.

The fees of a licensed insolvency trustee is determined by the Canadian Bankruptcy and Insolvency Act (BIA). This is a federal law that sets out guidelines and procedures for bankruptcy and insolvency cases nationwide, including Quebec.

Generally speaking, a trustee in bankruptcy's fees are determined according to a tariff established by the federal government. This tariff guideline sets the maximum fees a trustee may charge for his or her services.

It should be noted that the actual amount charged by a trustee can fluctuate depending on the complexity of the case, the value of the assets involved and other variables. That said, fees are subject to approval by creditors and the Office of the Superintendent of Bankruptcy. The Office of the Superintendent of Bankruptcy is a federal body responsible for overseeing bankruptcy cases in Canada.

Don't hesitate to contact one of our professionals if you have any questions about trustee fees. Our team will be able to answer all your questions.

In bankruptcy proceedings, trustees and receivers both address situations where individuals face challenges repaying debts. However, they serve distinct functions:

A trustee oversees the entire bankruptcy process, advocating for the interests of all creditors. Their primary duty involves collecting the debtor's assets, selling them if necessary, and distributing the proceeds to creditors pursuant to a court-sanctioned plan.

A receiver is typically appointed to address the financial struggles of businesses, often at the request of a secured creditor. Their main focus revolves around preserving and managing the company's assets with the goal of potentially reviving the business. While they may liquidate assets to satisfy creditors, their foremost objective is to sustain the company's operations. Receiverships may occur concurrently with or independently of bankruptcy proceedings.

The cost of bankruptcy is influenced by multiple factors, including the complexity of your financial situation and whether it's your first or subsequent bankruptcy. The duration and amount of payments are determined by these factors. For details regarding the cost of bankruptcy, contact us.

Bankruptcy does not discharge spousal or child support obligations or alimony. Furthermore, fines-related debts, such as those from parking or traffic tickets, cannot be included. Mortgages, auto loans, student loans, and debts resulting from fraud are also ineligible for discharge in bankruptcy.

During bankruptcy, your bank account is regarded as an asset. As part of the bankruptcy process, the trustee conducts a comprehensive assessment of your financial situation, which includes reviewing your bank statements to understand your financial situation, encompassing both assets and liabilities. This thorough examination is conducted to ensure accuracy and prevent potential fraud. However, the trustee does not track every single transaction you undertake.

The cost of a consumer proposal is determined by your financial position, including assets and liabilities. Under a consumer proposal, a solitary monthly payment incorporates fees for the Licensed Insolvency Trustee (LIT), creditor distribution, and your feasible repayment amount. The aim is to establish a payment structure that is manageable for you while also presenting creditors with a superior option compared to bankruptcy.

Under the regulations of the Bankruptcy and Insolvency Act in Canada, insolvency trustees' fees are sourced from the debtor's assets rather than their personal funds. Although a fee structure is in place by the government, the specific amount may vary based on the complexity of the case.

After your bankruptcy concludes and you're granted a discharge, you're relieved of the debts included in the filing, freeing you from the legal requirement to repay them. Any constraints imposed during the bankruptcy process will be lifted, allowing you to focus on restoring your credit score.

The length of bankruptcy varies based on multiple factors, such as surplus income and whether it's the first or subsequent bankruptcy.

Upon reaching the 10-year mark from your bankruptcy filing date, it will be removed from your credit report, rendering it undetectable to potential lenders and creditors.

Bankruptcy law protects certain assets from being seized by the trustee. Moreover, if your income is below a government-specified level, you won’t need to make additional monthly payments apart from the standard bankruptcy proceedings.