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.
Will I Go Through Bankruptcy Alone?
The answer is no. A Government-Licensed Trustee will be there to help you through the process.
A Trustee will meet with you initially to review all the options and help you make your decision as to which alternative works for you. If Bankruptcy is the right alternative we will:
a) Help you get the necessary information together to file the bankruptcy paperwork
b) Fully explain the process to you and provide information on your duties and responsibilities
c) Meet with you during two counselling sessions to discuss budgeting, cash management, restoring credit ratings etc.
d) Keep you informed during the process
We will also send notices to all creditors and, should there be a creditor who continues to pester you after the bankruptcy we will make sure they stop (Usually, this is not an issue, creditors understand how the process works).
And finally, you can always phone us if anything isn't clear. We will be there throughout the process. If you have any questions about bankruptcy and the process involved please contact us.
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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
How Often Can You File For Bankruptcy (MNP 3 Minute Debt Break)
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.
