Posted by
Doug Hoyes on Tue, Jan 03, 2012 @ 09:30 AM
Filing for bankruptcy in Canada is a ten step process. The steps to claim bankruptcy in Canada are relatively simple. Here is how to file bankruptcy in Canada, step by step:
1 The first step is to decide that you need help. Up until now you have dealt with your debts on your own; why are you considering bankruptcy now? You have probably realized that you need help to deal with your debts, and that’s why you are considering filing for bankruptcy in Canada.
2 For help, arrange a no-charge initial consultation with a bankruptcy trustee licensed by the federal government.
3 After your initial meeting with your trustee, you will gather all required information for claiming bankruptcy in Canada.
4 Once you provide your bankruptcy trustee with all required information, your trustee will prepare your bankruptcy paperwork.
5 You then meet again with your trustee to review all information, ask any additional questions you may have, and then sign the bankruptcy documents.
6 Your trustee will then electronically file your bankruptcy documents with the Office of the Superintendent of Bankruptcy, which is the official start of the bankruptcy process, and they will mail, fax, e-mail or electronically transmit your bankruptcy bankruptcy documents to your creditors (so that they will stop calling you).
7 During the bankruptcy process you are required to perform certain duties, including making a payment to the trustee each month to cover the administrative costs of the bankruptcy, providing the trustee with proof of your family income each month, making any required surplus income payments, attending two credit counselling sessions, providing the trustee with information necessary to file your tax returns, assist the trustee in realizing on any of your assets
8 At the end of the first seven months (or later in a second bankruptcy) the trustee will calculate your average income to determine if you have excess surplus income.
9 Once all duties are complete, you are eligible to receive your bankruptcy discharge. Congratulations! Your bankruptcy is now officially over.
10 Now that your bankruptcy is completed, you can begin the process of repairing your credit after bankruptcy.
Please click on the links above for more details on each step of the bankruptcy process.