A secured debt is a debt secured by some collateral (an interest given by a debtor to a creditor in return for a loan). The largest secured debt in many people’s lives is the mortgage loan for their house, and the second largest is their car loan. If you fall behind on your agreed-upon payments, a secured creditor has the …
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The website of the Office of the Superintendent of Bankruptcy describes the primary duties of the debtor as follows (here): disclose all of his or her assets (property) and liabilities (debts) to the trustee; advise the trustee of any property disposed of in the past year; surrender all credit cards to the trustee; attend the …
Permanent link to this article: http://rumanek.com/blog/what-are-my-responsibilities-to-the-trustee-if-i-go-bankrupt/
On Bankruptcy, all of the consumer debtor’s property automatically vests in the trustee. That means that the consumer debtor’s property is placed in the hands of the trustee for the administration. Therefore, the consumer debtor has a duty to deliver up his or her property to the trustee. For example, the consumer debtor’s bank accounts …
Permanent link to this article: http://rumanek.com/blog/what-happens-to-the-consumer-debtors-bank-accounts/
A Trustee in Bankruptcy is a person who is licensed by the federal government to administer bankruptcy and consumer proposals in Canada. They are regulated by a division of Industry Canada called the Office of the Superintendent of Bankruptcy (the OSB). The website of the Office of the Superintendent of Bankruptcy describes the primary duties …
Permanent link to this article: http://rumanek.com/blog/what-is-a-trustee-in-bankruptcy/
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