Who is the Official Receiver?

Official Receiver

The Official Receiver in Bankruptcy in Ontario

If you become bankrupt, an employee of the Office of the Superintendent of Bankruptcy in Ontario called the ‘Official Receiver’ may contact you. Their main role is to supervise Licensed Insolvency Trustees as well as examine the bankrupt if there is an indication that the bankrupt has not properly disclosed all information relating to their affairs.

The Official Receiver is a civil servant and an officer of the bankruptcy court. They have offices in Toronto and throughout Ontario their main duties in your bankruptcy are to assist your Trustee to:

  • collect and protect your assets (property, possessions, shares) for your creditors
  • write a report on the cause(s) of your bankruptcy
  • obtain your discharge from bankruptcy

Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome bankruptcy in Ontario and debt for more than 25 years.  

Will my spouse’s assets be held in trust if I file for bankruptcy? Part 2

Will my spouse's assets be held in trust if I file for bankruptcy? Part 2Will my spouse’s assets be held in trust if I file for bankruptcy? Part 2

Due to the response to the post: Will my wife’s assets be held in trust if I have to file for bankruptcy?

We have decided to add additional information on the above topic:

Although people are married or living together they are not responsible for each others debts. Each person owns assets and liabilities independent of each other whether you are married or living common law.

There is an overlap if a partner has signed a guarantee or has co-signed the debt of their partner. The protection given to the person who has filed bankruptcy or filed for a consumer proposal does not apply to their partner. In other words, your bankruptcy does not dissolve the responsibility of anyone else. If your spouse co-signed a loan for you, your spouse would be liable to pay the loan in full.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form.

To learn more please visit our YouTube  Channel.

Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.   

 

Will my spouse’s assets be held in trust if I file for bankruptcy? Part 1

Will my spouse's assets be held in trust if I file for bankruptcy? Part 1Will my spouse’s assets be held in trust if I file for bankruptcy?

The spouse’s assets will not be affected by your bankruptcy provided:

  • the spouse is not a business partner
  • the spouse has not guaranteed your debts
  • the spouse’s assets have not been encumbered to secure your debts
  • the spouse’s assets were legitimately acquired by the spouse and were not transferred to the spouse by you for the purpose of defeating your creditors

For additional information view part 2.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form.

To learn more please visit our YouTube  Channel.

Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Who contacts my Creditors if I declare Bankruptcy?

Who contacts my Creditors if I declare Bankruptcy?Who contacts my Creditors if I declare Bankruptcy?

When experiencing financial difficulty, it may seem like the creditor’s phone calls are never ending. Not having an answer and not being able to find feasible solutions may be a reason why many debtors fear the confrontation and communication with creditors.

If you have researched your options and bankruptcy is your choice, the bankruptcy trustee will contact your creditors once you have filed the proper documents. This will stop harassment and collection activities such as pay roll garnishees.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form.

To learn more please visit our YouTube  Channel.