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If you have never been bankrupt before, and if certain conditions are met, you are eligible to be discharged from bankruptcy in Brantford in nine months. However, if your income is considerably higher than the limits set by the government, or in certain other situations, it is possible that your bankruptcy will be extended for longer than nine months. The trustee will discuss this with you during your first meeting in our Brantford office.
There are a number of duties you must complete while you are bankrupt.
First, each month you must submit to the trustee a monthly budget with copies of your paystubs, so that the trustee can determine if your net income was higher than the allowable limit. You will be required to make a payment each month based on your income. (More details on payments are available in our article What Does it Cost to Go Bankrupt in Brantford?)
Second, you must attend two credit counselling sessions that give you some tools to manage your money.
Third, you must give the trustee your T-4 slips and any other information necessary to complete any outstanding tax returns.
Finally, you must perform any other duties as requested by the trustee.
Obviously it is very important that these duties are completed in a timely manner, so that your bankruptcy can be completed as soon as possible.
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