In the vast majority of personal insolvencies in Canada, lawyers are not used.
A trustee in bankruptcy is licensed by the federal government to administer specific types of insolvency procedures under Canadian law. Most trustee are chartered accountants — in fact, it is not possible for a practicing lawyer to become a trustee. Although a number of bankruptcy trustees have at one time trained to be lawyers and have a law degree.
A number of lawyers have specialized in the area of insolvency law. If there are contested issues in a bankruptcy then a lawyer may be hired to make an argument on behalf of the parties involved. If you do end up needing a lawyer it would be wise to ensure that your lawyer has specialized knowledge in insolvency matters.
The Canadian bankruptcy system has been designed to minimize the costs associated with filing bankruptcy so that as much money as possible may be returned to the creditors. By not requiring lawyers except in the most contentious cases, the cost of bankruptcy is kept as low as possible.
Our qualified Alberta trustess are familiar with all aspects of
Canadian bankruptcy law. We currently have offices in
Calgary, Wetaskiwin, and Edmonton, Alberta, Canada.
Call now for a free consultation: 310-8888
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