Why does my bankruptcy trustee need a monthly financial report?
By Canadian bankruptcy law, you must provide your trustee with a monthly financial report that lists your household income and household expenses. Your trustee will provide the appropriate form and a list of the backup documentation you will need supply.
If you earned income above a threshold point (determined by bankruptcy regulations), a portion of these earnings must be given to the trustee who will then portion it out to creditors.
The monthly report can be a useful tool after bankruptcy. It is a way to keep track of your earning, fixed expenses, and discretionary spending. Tracking these items is an important aspect of building healthy finances once your bankruptcy is discharged (see After Bankruptcy: the 3 Steps to Healthy Finances). You have a fresh start—take full advantage of it.
