There’s a good reason that the law requires you to work with a Licensed Insolvency Trustee when you file bankruptcy. In addition to many specialized services they provide, they also file several documents with the Office of the Superintendent of Bankruptcy. These documents are an essential part of the filing. Read on to learn more about the bankruptcy forms you need to know about.
The Assessment Certificate
During your initial consultation, your licensed insolvency trustee will closely examine your financial situation and describe your legal options. Your trustee will also explain services provided outside of those defined by the Bankruptcy and Insolvency Act (BIA). Once you understand your options and the effect they will have on your financial future, you will be required to sign an Assessment Certificate. This document guarantees that you have met with a licensed insolvency trustee, gone over your finances, and understand what your choice will mean to you.
Form 65
Form 65 is the legal name for the Monthly Income and Expense Statement. This document is actually a fancy budget. It includes a balance sheet that lists facts regarding your financial situation. It details your fixed expenses as well as your discretionary income and helps your trustee determine if you must make a surplus income payment. This form also documents your family size and living expenses.
Form 79—Statement of Affairs
The Statement of Affairs is a complete list of your assets and liabilities and includes:
- Cash on hand
- Personal possessions such as jewelry and furniture
- Vehicles
- Securities and life insurance policies with a cash value
- Mortgages
- Credit card bills
- Student loans
- Tax liabilities
The Statement of Affairs is also a legal declaration of your identity and permanent address. Your birthdate, address, and marital status are listed as well as your spouse or partner’s personal information. Your employer’s company name and address are also included.
Lastly, you will make statements about how you have disposed of personal property in the last 12 months to 5 years. This helps identify potential fraud.
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The Certificate of Appointment
Once all of the bankruptcy forms above are signed, your trustee will e-file them with the OSB. Within a few seconds, the Certificate of Appointment will be transmitted back to your trustee’s office .This document is a very important one–it is written, legal confirmation that your bankruptcy has been accepted. Your bankruptcy is official once this document is received. Your creditors can no longer take any legal action against you such as filing a lien or garnishing your wages.
The Certificate of Appointment also provides you with an Estate Number. Be sure you have your Estate Number; you will need it to prove to creditors and others that you are bankrupt.
Your licensed insolvency trustee will guide you through the process and answer any questions you may have along the way. By familiarizing yourself with these bankruptcy forms, you will reduce the stress involved and be better prepared to assist your licensed trustee.
Jillian Taylor-Mancusi, LIT
