Filing Bankruptcy In Saskatchewan

We have had a number of enquiries asking us to describe the process that we use when a person has determined that they need to file bankruptcy in Saskatchewan.

Firstly, we encourage you to meet with us to review all the options available, but we will also be happy to discuss matters with you over the telephone, or by e-mail.  Assuming that you have determined that bankruptcy is the correct solution the process is as follows:

• You must meet in person with either myself, out of our Regina office, or Naida Kornuta from our Saskatoon office. We travel to Moose Jaw, Yorkton and Prince Albert by appointment, and we will do our best to accomodate your schedule. Either at, or prior to, that meeting, we will accumulate the necessary information to prepare the actual bankruptcy paperwork by having you complete our financial information form. These forms can be mailed or faxed to you, or e-mailed, in advance of this meeting. The information accumulated on that form is then used to prepare the actual bankruptcy documents.
• Either at that meeting, or a subsequent one, you will sign the various documents required to put yourself in bankruptcy. This is called an "Assignment in Bankruptcy". The main documents are a listing of your assets and debts (the "Statement of Affairs") and an estimate of your monthly income and expenses. This process will take approximately an hour depending on the complexity of your affairs. We will discuss your duties as a bankrupt, and describe the process that you will be going through over the next nine months (the period of time that a first time bankruptcy usually lasts).
• These documents will then be filed with the Office of the Superintendent of Bankruptcy, usually the same day. As soon as they are filed an "Estate Number" is given, which is the proof that your bankruptcy has been filed. As soon as it has been filed a Stay of Proceedings is in place, meaning no unsecured creditor can phone you, garnishee you, or take any other action. Of course, the creditors don't know this yet, but we send notices to them right away and if they call you need simply inform them that you have filed.

The process is relatively straightforward, although the decision to proceed is not. We appreciate that you will have lots of questions and we will do our best to explain everything that will happen as much as we can.