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6 Steps to Filing Bankruptcy in Canada

6 STEPS TO FILING BANKRUPTCY IN CANADA WHAT CAN I EXPECT WHEN CLAIMING BANKRUPTCY IN CANADA? Bankruptcy may not be the only option, but sometimes it's the best option. A bankruptcy can help those suffering from serious financial setbacks to start over. Bankruptcy can have a serious impact on your family finances for several years. By following each step in the process carefully, you can minimize the effects of bankruptcy and return to fiscal health more rapidly. 1 OBTAINING A TRUSTEE Once you have decided to file for bankruptcy in Canada, you should obtain the services of a qualified licensed bankruptcy trustee in your province. TRUSTEE Obtain a complete list of trustees at the OSB website or visit Personal Bankruptcy Canada for a list of trustees in the PBC network. Trustees are professionals that have been trained by the Office of the Superintendant of Bankruptcy (OSB). 2 FINANCIAL ASSESSMENT After choosing a trustee: Free Initial Consultation You will meet with your trustee to complete your "Financial Assessment". Your trustee will review your debt solution options and determine if filing for bankruptcy is in your best interest. Free Inittal Consultation 3 FILING THE PAPERWORK There are two important papers to be filed: 1 - The Assignment Document: A legal document that states your desire to turn your assets over to the trustee for use in the payments of your debts. 2 - The Statement of Affairs: A legal description of all of your assets and debts. Before you sign either document, check them for accuracy. After they are signed the papers are filed with the Official Receiver. When they are received, you are declared bankrupt. Once filed, these documents cannot be revoked without going to court. 4 MONTHLY OBLIGATIONS Each month you will be responsible for submitting the following documents to the trustee: Paycheque Stubs Proof of Additional Income Your Monthly Contribution to the Bankruptcy Estate Statement of Income and Expenses 5 CREDIT COUNSELLING Once you have filed for bankruptcy, you must attend two credit counselling sessions. Budgeting Budgeting Budgeting Session 1: Master good management skills such as: Session 2: Form a healthy financial plan that will allow you to emerge with the ability to enact your budgetary goals. Recognizing Appropriate use of debt common financial danger signs 6 THE BANKRUPTCY DISCHARGE After filing for bankruptcy in Canada, you can be discharged in as little as MONTHS In some cases the bankruptcy discharge is delayed. Some reasons for a lengthened term of bankruptcy include: and if such payments 36 Being required to make surplus payments which will extend bankruptcy to MONTHS 21 You are filing a second bankruptcy, which if there have been no 24 were necessary, after MONTHS MONTHS surplus payments, will result in a discharge after Deciding to file for bankruptcy in Canada is a difficult decision. Be sure you receive the support you need by retaining a qualified trustee in your province. Discuss your situation openly and honestly. By following your trustee's advice, you will emerge from bankruptcy able to make a fresh financial start. |PERSONAL FOR ADDITIONAL INFORMATION VISIT wWW.PERSONALBANKRUPTCYCANADA.CA BANKRUPTCY CANADA 6 STEPS TO FILING BANKRUPTCY IN CANADA WHAT CAN I EXPECT WHEN CLAIMING BANKRUPTCY IN CANADA? Bankruptcy may not be the only option, but sometimes it's the best option. A bankruptcy can help those suffering from serious financial setbacks to start over. Bankruptcy can have a serious impact on your family finances for several years. By following each step in the process carefully, you can minimize the effects of bankruptcy and return to fiscal health more rapidly. 1 OBTAINING A TRUSTEE Once you have decided to file for bankruptcy in Canada, you should obtain the services of a qualified licensed bankruptcy trustee in your province. TRUSTEE Obtain a complete list of trustees at the OSB website or visit Personal Bankruptcy Canada for a list of trustees in the PBC network. Trustees are professionals that have been trained by the Office of the Superintendant of Bankruptcy (OSB). 2 FINANCIAL ASSESSMENT After choosing a trustee: Free Initial Consultation You will meet with your trustee to complete your "Financial Assessment". Your trustee will review your debt solution options and determine if filing for bankruptcy is in your best interest. Free Inittal Consultation 3 FILING THE PAPERWORK There are two important papers to be filed: 1 - The Assignment Document: A legal document that states your desire to turn your assets over to the trustee for use in the payments of your debts. 2 - The Statement of Affairs: A legal description of all of your assets and debts. Before you sign either document, check them for accuracy. After they are signed the papers are filed with the Official Receiver. When they are received, you are declared bankrupt. Once filed, these documents cannot be revoked without going to court. 4 MONTHLY OBLIGATIONS Each month you will be responsible for submitting the following documents to the trustee: Paycheque Stubs Proof of Additional Income Your Monthly Contribution to the Bankruptcy Estate Statement of Income and Expenses 5 CREDIT COUNSELLING Once you have filed for bankruptcy, you must attend two credit counselling sessions. Budgeting Budgeting Session 1: Master good management skills such as: Budgeting Session 2: Form a healthy financial plan that will allow you to emerge with the ability to enact your budgetary goals. Recognizing Appropriate use of debt common financial danger signs 6 THE BANKRUPTCY DISCHARGE After filing for bankruptcy in Canada, you can be discharged in as little as MONTHS In some cases the bankruptcy discharge is delayed. Some reasons for a lengthened term of bankruptcy include: Being required to make surplus payments which will extend bankruptcy to MONTHS 21 You are filing a second bankruptcy, which if 24 and if such payments 36 were necessary, after MONTHS there have been no MONTHS surplus payments, will result in a discharge after Deciding to file for bankruptcy in Canada is a difficult decision. Be sure you receive the support you need by retaining a qualified trustee in your province. Discuss your situation openly and honestly. By following your trustee's advice, you will emerge from bankruptcy able to make a fresh financial start. |PERSONAL FOR ADDITIONAL INFORMATION VISIT wWW.PERSONALBANKRUPTCYCANADA.CA BANKRUPTCY CANADA

6 Steps to Filing Bankruptcy in Canada

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Presents the 6 steps to take in filing bankruptcy in Canada and the things to expect when claiming bankruptcy

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