A few things to keep in mind
- Include current and disputed obligations.
- Distinguish debt from assets and income.
- Show where each figure came from.
Give each obligation its own entry
Start with a table or notebook, using one line per obligation. Record the creditor's legal or trading name, an account reference, the most recent balance, the date checked and the supporting document. Leave space for questions. You do not need software or a flawless total to begin.
Include accounts paid on time as well as overdue ones. Add private loans, government balances and obligations that may not appear on a credit report. Do not omit an account because you believe bankruptcy would not affect it. The purpose is to give the professional the full picture, rather than to perform the legal classification yourself.
Separate the creditor from the collection contact
An original lender and a collection company may appear in correspondence about the same obligation. Record both names and their stated roles. Keep the original account reference alongside any new reference so you can investigate whether two letters describe one debt.
Do not automatically add every demanded balance together. Equally, do not delete a record because the amount looks familiar. Mark the possible duplicate and request clarification. Save notices showing changes in who administers the account. A note such as “agency says it acts for lender; ownership unconfirmed” is more useful than silently choosing a name. The professional can then see what requires verification.
Record features that change the questions
Add columns for security, other signers and unusual conditions. A vehicle loan involves questions about an asset; a joint line of credit involves another borrower; a family loan may have little formal paperwork. Describe what you know and attach agreements when available.
Section 178 of the Bankruptcy and Insolvency Act identifies debts that may survive discharge under specified conditions. Flag support, fines, student borrowing and other unusual obligations for individual review. Do not use the list to exclude them from your inventory. Include disputed balances, labelled with the reason and evidence. An allegation on a notice is not a conclusion about liability.
Make estimates visible and replaceable
When an exact balance is unavailable, write an estimate, its basis and when you plan to check it. “Approximately $900 from last statement; recent payment unconfirmed” explains what the figure establishes. Avoid adding unnecessary decimal precision to an uncertain amount.
Keep a dated version of the inventory when you submit it. Later changes can be explained as updated information rather than appearing to be inconsistent answers. If a new statement includes interest or fees, note why the balance changed. A useful inventory supports a discussion of uncertainty. It should not hide uncertainty behind a total that appears more reliable than its individual entries.
Connect entries to supporting records
Create a folder for each account or use clearly named files. Keep agreements, statements, payment confirmations and correspondence together. A creditor name and statement month are more helpful than a filename such as “latest document.” Preserve the records behind any disputed entry.
The Act's duties provision includes disclosure and delivery of relevant records during bankruptcy. For preparation, ask what format and time period the trustee needs. Use a verified submission channel and keep originals unless instructed otherwise. Record what was provided. Do not send account passwords as a substitute for statements. If a record is difficult to obtain, explain the obstacle and ask what alternative evidence may help.
Review before the appointment
Read every line without looking at the total. Check whether another person signed, whether an asset is involved and whether there is an approaching deadline. Review income and assets separately. A complete debt inventory does not establish what the household can afford or how property would be treated.
Finish with three lists: confirmed entries, items awaiting documents and questions requiring professional interpretation. Bring all three. If you remember an omitted account afterward, contact the office promptly instead of waiting for the next appointment. The inventory is a working record that improves as information arrives. Its value comes from accuracy and traceability, not from presenting your situation as simpler than it is.
Check the list against a real month
Review one complete month of bank and card statements against your inventory. Look for payment descriptions that do not match any listed obligation. They might identify a forgotten account, a subscription, an instalment arrangement or a payment made for someone else. Investigate the item before deciding which it is.
Also check for debts with no payment that month. A dormant account or disputed balance can be missed if you rely only on recent withdrawals. Keep a separate note for unresolved matches and bring the underlying statement. The inventory should help explain your situation, not merely reproduce the accounts easiest to remember.
Follow the information further
Sources and support
- Bankruptcy and Insolvency Act, section 178
Specific debts survive discharge, including specified support obligations and certain fines; other conditions vary by debt.
- Bankruptcy and Insolvency Act, section 158
Duties include disclosure of property and provision of financial and tax records; does not support a universal filing checklist.
This is general educational information for Canadian readers. Your own facts and the applicable rules matter; ask a qualified professional about your situation.