When I meet with you at my Brantford office, I’ll explain all of the ways to avoid bankruptcy. We’ll talk about budgeting, and consumer proposals, and other options. For some people, however, there is no other logical option, and bankruptcy becomes necessary. Here are the steps that explain how to file bankruptcy in Canada:
1 We start with our meeting, where we review all of your options. I can explain the options, but only you can decide that you need to file bankruptcy. We’ll discuss some of the warning signs, and help you explore your options.
2 We then work together to gather the necessary information. I need to know who you owe money to, what you own (like a car, or a house), and what you earn and spend each month. I’ll give you our Fresh Start Application Package and I’ll help you fill it out.
3 My office will then prepare all of the necessary bankruptcy paperwork.
4 You will then meet with me, or one of my team members, to sign the paperwork. While you are still in our office we immediately electronically file your documents with the Office of the Superintendent of Bankruptcy, and you are officially bankrupt.
5 During the bankruptcy period, which lasts for a minimum of nine months, you are required to attend two credit counselling sessions with a credit counsellor in Brantford. You will also provide us with the information needed to file your taxes, and you will be required to make payments, based on your surplus income.
6 If you perform all of your duties, and if no creditor objects, you are automatically discharged at the end of your bankruptcy period (which is 9 or 21 months in a first bankruptcy, or 24 or 36 months in a second bankruptcy, depending on your income).
Of course the bankruptcy process can’t be fully explained in 300 words or less, and each situation is unique, so I suggest you phone my Brantford office at 519-770-4440 or 310-PLAN, or e-mail me, and we can arrange a time to talk on the phone, or to meet, and explore your options.
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