How Do You Place Yourself In Bankruptcy

2014-06-13   minute read

Bankruptcy is a legal state. To place yourself in bankruptcy you must execute a number of documents with a licensed Trustee in Bankruptcy (like those that work for MNP Ltd.). You will only be placed in bankruptcy after you have met with a Trustee and determined that bankruptcy is the best debt solution for you, based on your particular situation and province of residence. There are other alternatives like a Consumer Proposal that you should discuss before you determine which debt relief option is best for you.

When filing for bankruptcy, the documents you will sign include a statement of your assets and debts, a statement of your income and expenses and an understanding of your duties as a Bankrupt, among others. We will help you prepare those documents and explain them in detail so you understand the process and the implications. Once you have signed the documents, they are filed with the Federal Government (Office of the Superintendent of Bankruptcy) and the process begins. As soon as the documents are filed, a Stay of Proceedings goes into effect. This means creditors can no longer phone you, sue you or garnish your wages.

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