Debtors

Debt is mounting - what can you do?

The following links are provided to answer the particular needs of debtors, the proper name for someone who owes others money. Learn how to avoid debt and improve your financial condition. Or if you are unable to pay back what you owe, these links will help you understand the bankruptcy process and what bankruptcy will mean to you.

You may wish to start by reading the documents Dealing with Debt: A Consumer's Guide and Debtors' Frequently Asked Questions or by visiting our link to Bankruptcy Basics

You should also be aware of the trustee's role in the process. A trustee in bankruptcy is a person licensed by the Superintendent of Bankruptcy to handle the process of proposals and bankruptcies. Only licensed trustees can provide bankruptcy services. Although they represent creditors (those who are owed money), trustees are officers of the court who also advise debtors of their options with respect to debt problems. In addition, they

• advise debtors of their options with respect to debt problems;
• prepare official documentation that is both filed with the Superintendent of Bankruptcy and used to notify creditors;
• ensure the validity of claims;
• ensure that debtors are provided with mandatory counselling and access to mediation services if there is a dispute regarding any income they are required to contribute;
• sell the debtor's assets (except those that are exempt from seizure) and hold the proceeds in trust for distribution to the creditors;
• assess the debtor's conduct both before and during a bankruptcy, as well as the cause(s) of the bankruptcy; and
• make an application for a debtor's discharge (in the case of individual debtors).

Trustee Directory
The Trustee directory allows you to search for licensed trustees by name, company, city or province.

Take charge of your debts
This online tool from the Canada's Office of Consumer Affairs will help you fully understand your debt problems and some options that are available to you. You will also find information on making a budget and budget counselling, collection agencies, credit and credit repair.

Managing Your Debt
A website developed jointly by the Office of the Superintendent of Bankruptcy, the Government of Ontario and the Ontario Association of Credit Counselling Services.

Managing Money
An online information booklet published by the Canadian Bankers Association that offers a step-by-step approach to budgeting to help you better manage your finances.

Youth Financial Awareness
Debtor education is not part of the Office of the Superintendent of Bankruptcy's regulatory mandate but it is one of our core values. We continue to seek innovative ways to educate people about the pitfalls of debt.

Other important links for debtors

From the Acts, Rules and Policies section on the OSB website:

• Companies' Creditors Arrangement Act

From the Publications and Reports section on the OSB website:

• All About Bankruptcy Mediation

You may want to also see this website:

• Canadian Consumer Information Gateway (Search: “bankruptcy”)