2024-09-25
What happens if I don’t fulfill my duties during a Bankruptcy?
Bankruptcy
If you’re going through a personal Bankruptcy, one of your main goals is to obtain your discharge — that is, to have your debts cleared so you can start fresh.
I have seen this done before so it is possible, however, there are some issues to think about. Firstly, while you are in bankruptcy you must complete two debt counselling sessions. It would be advisable to complete these before relocating, keeping in mind that the first session must be done between 10 and 60 days of your bankruptcy being filed. The second session must be completed by no later than 210 days, however, you cannot complete the second counselling session within 30 days of the first one. The counselling sessions must be completed in person by a qualified counselor, registered with the Office of the Superintendent in Bankruptcy. Only in limited circumstances can the counselling be completed by telephone. If you were relocating in Canada, another Trustee office could conduct the counselling however this is not applicable in your case. There are other duties and possible issues that may arise, the best approach would be to discuss this issue with the Trustee before you consider filing for bankruptcy (i.e. during the assessment). You may also want to contact the appropriate immigration authorities to determine how a bankruptcy might affect your ability to apply for residency in the United States (assuming this is part of your plan).
2024-09-25
Bankruptcy
If you’re going through a personal Bankruptcy, one of your main goals is to obtain your discharge — that is, to have your debts cleared so you can start fresh.
2024-06-10
Bankruptcy
The fresh start you obtain after filing a Consumer Proposal or Bankruptcy offers many new paths for managing your day-to-day needs and planning for your future.
2024-05-30
Bankruptcy
Canadians are facing a cost-of-living crisis. With rampant inflation, many have taken on more debt just to make ends meet. With interest rates still high, some households might be considering declaring Bankruptcy for the first, second, or even a third time.
If this sounds like you, don’t worry — many people are in the same situation, and it isn’t anything to be ashamed of. Filing for Bankruptcy or entering a Consumer Proposal might be the solution you need to relieve financial stress and get a fresh start.