There are various duties required of you when you file Bankruptcy. If you do not complete your duties, the Licensed Insolvency Trustee is required to obtain a discharge from administering your Bankruptcy within a certain timeframe, leaving you in Bankruptcy. This will put you back into the same situation as before filing for Bankruptcy. All your unsecured creditors can once again pursue you directly to pay the full amount of their debt. You may...

Once your Bankruptcy is filed, you will typically make monthly payments to the Licensed Insolvency Trustee (LIT), as agreed upon by you and the LIT. The LIT will distribute any funds received through the Bankruptcy to unsecured creditors at the end of the Bankruptcy as required under the Bankruptcy and Insolvency Act. Click here to learn more about how those payments may be determined.