What you should know about bankruptcy

Administrator of consumer proposals

An administrator of consumer proposals is a trustee in bankruptcy or a person appointed by the
Superintendent of Bankruptcy. British Columbia (1-800-663-7867), Saskatchewan (1-306-933-6520) and Nova Scotia (1-902-424-7020) provide administration of consumer proposals. You may wish to contact the appropriate provincial department. With regard to
trustees in bankruptcy, their names may usually be found in the Yellow Pages under the headings of “Bankruptcy” or “Trustees in Bankruptcy.”

Assets acquired during bankruptcy You must assign to your trustee all assets acquired
during your bankruptcy, including lottery winnings and inheritances, so they can be divided among your creditors.

Assets and property
In a bankruptcy, you must assign all your assets to the trustee, except for exempt property, such as basic furniture and tools-of-trade needed to make your living. Exempt property can vary from province to province. Your trustee can tell you what these are.

Bankrupt
This is the legal status of a person who declares bankruptcy.