When you file for personal bankruptcy or a consumer proposal, one of the things that the trustee monitors closely is that you complete your duties. These are outlined in Section 158 of the Bankruptcy and Insolvency Act and there are quite a number of them.
One of the duties states that you must make yourself available at a place and time to be fixed by the Official Receiver for an examination under oath. The Official Receiver is the federal government agency that oversees the bankruptcy process and the person who would conduct the examination works for this agency. They are reviewing your conduct, the causes of your bankruptcy and the disposition of your property. As it is done under oath, you could be charged if you lie during the examination.
The results of the examination are reviewed and if the person has any concerns over your conduct, causes of your bankruptcy and how you disposed of assets prior to the date of the bankruptcy, they will notify your trustee and request that the trustee look into the matter.
It is important that you answer all the questions carefully and with thought on our application if you are thinking of doing a bankruptcy or proposal. They have been designed to bring to our attention any matters that might cause problems during the bankruptcy or proposal process. If you are examined and you give answers that you didn’t give to the trustee, it makes it very suspect as to whether your information is correct on the examination or on the Statement of Affairs (a listing of your assets and liabilities and answers to various questions) and could cause the trustee to examine issues more carefully. It could cause a delay in your discharge, another topic for another day!!
If you are experiencing financial difficulties, please contact our offices to set up an appointment to discuss your situation. And please give information when it is asked of you in an open and honest manner at all times. This will mean that the process should no surprises come about, no matter whom is doing the asking. Call us at 310-PLAN or in the London area at 519-435-1500 and talk to one of our professionals today about your situation.
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