How Do I Start The Personal Bankruptcy Process?

How Do I Start The Personal Bankruptcy Process?

“How do I start the personal bankruptcy process?” Good question!

Contacting a Licensed Insolvency Trustee

Your first step is to contact a Licensed Insolvency Trustee such as Fong and Partners Inc. We serve the Greater Toronto Area.

If you’re reading this from outside the GTA and are looking for a Trustee near you, you can simply perform a Google search such as “Licensed Insolvency Trustee (name of city) reviews“.

Performing a Background Check On a Trustee

A word of caution – when selecting a Trustee, you should investigate two things:

    1. The person in question is actually a Trustee. Here is a link to a directory of Licensed Insolvency Trustees at the website of the Office of the Superintendent of Bankruptcy (“OSB”). The OSB is the division of the Government of Canada that both licenses Trustees and oversees their activities.
    2. The Trustee you have in mind hasn’t been the subject of any disciplinary action for professional misconduct. Here is a link to professional conduct decisions on the OSB’s website. You can search for the LIT’s name  on this webpage to confirm whether or not her professional conduct has ever been an issue.

Once you’ve selected a Trustee, get in touch with her to set up a consultation meeting. Most Trustees will provide a free initial consultation to review your financial situation and determine if filing for personal bankruptcy is the right option for you.

Documents To Bring To Your Consultation Meeting

Depending on your personal situation, you’ll be asked to bring the following items with you to the consultation meeting:

    • Photo ID, like a driver license or passport
    • Your creditor statements so the trustee can make a list of your debts
    • Recent proof of income like a paystub to verify your income
    • Your most recent notice of assessment from the Canada Revenue Agency for your personal income taxes. The Trustee will want to ensure that your personal income taxes have been filed up to date before proceeding to file a bankruptcy
    • If you are self-employed and are required to collect GST/HST, your most recent notice of assessment  from the Canada Revenue Agency for your GST/HST account. The Trustee will want to ensure that your personal income taxes have been filed up to date before proceeding to file a bankruptcy
    • Your vehicle ownership and certificate of insurance. In Ontario, you can keep a personal use vehicle up to a value of $6,600. Therefore, the Trustee will need to verify what type of vehicle you own to determine if it’s within the exemption limit
    • If your vehicle is leased or financed, the Trustee will need to review your lease or financing agreement and will also need the current balance owing on your lease/loan
    • If you have any financial assets such as RRSPs, RESPs, TFSAs, work pension, life insurance, mutual funds, brokerage accounts, etc., you’ll need to bring with you the most recent statements
    • If you own a home, the title deed and property tax bill as well as the most recent mortgage statement. The Trustee needs these documents to verify your ownership interest in the home as well as the current mortgage balance

What Happens At The Consultation Meeting?

At the meeting, the Trustee shall examine the above documents and will ask you certain questions related to your financial circumstances in order to review your debts, your assets, your household income and household expenses. By reviewing these items, the Trustee will be in a position to inform you if filing for personal bankruptcy is the best option for you and the consequences of doing so with respect to: (i) what you’ll be required to pay; (ii) the impact on your assets (if any); and (iii) your credit rating.

Once the Trustee has explained everything to you and you’ve made the decision to proceed with the bankruptcy, the Trustee will schedule a “signup” meeting with you. At this meeting, you will be required to sign the legal documents necessary to voluntarily file for personal bankruptcy.


If you want to work with a Trustee who will give you confidence and peace of mind that your bankruptcy proceedings are being dealt with in a professional manner, look no further.

Reviews of Our Services


Victor was quick to contact me and the consistent contact was amazing. Victor is really passionate about listening to my needs and it showed as his service with me was nothing short of an amazing experience. He went out of his way to meet on my sched and his attention to detail is exceptional. If yo

Erin Dunn
Erin Dunn

Victor and his team (Mary) were always extraordinarily prompt with their responses to any inquiries and went out of their way to respond to questions in detail. They were extremely helpful at all times, even after my Proposal was completed. VIctor is an excellent advocate for his client's needs and

S Bal
S Bal

I searched for a Trustee online and Victor was the only one who really sat down and listened to my issues. He explained to me what is to come in the next five years of my life and thereafter. Mary, his office assistant has been very helpful whenever I have questions. Thank you for helping me.

Roger Silva
Roger Silva

Victor and his team were amazing. Treated us with the upmost professionalism. Answered all our questions, took care of everything and turned an unfortunate situation and made it much less stressful. I highly recommend Fong and Partners. Thank you all for your support through the process.

Maricar Venturanza
Maricar Venturanza

Working with Victor Fong was great. We just finished our consumer proposal a week ago and the entire process was quite easy. Mary was amazing at answering all my questions and accommodating me when I had any questions or concerns. Her response time was impeccable. Our initial meeting with Victor wa


Contact Fong and Partners Inc., a member in good standing with the Better Business Bureau with an A+ Rating and  one of the 3 Best Rated Trustees in the Greater Toronto Area.

Phone: 416-260-3264