Anyone filing personal Bankruptcy must attend two financial counselling sessions. The first session will be one to two months after you filed for Bankruptcy, while the second will be within seven months of filing. Your first session will focus on budgeting, money management and goal setting. In your second session, you will learn more about the Bankruptcy cycle, identify non-financial reasons that may have caused your problems and ways to repair your...

Filing for Bankruptcy should not affect your job. Some professional bodies may require you to disclose your Bankruptcy. If you’re bonded in your current position, you may want to contact your Human Resources department to confirm if there will be any impact on your job / duties.

Filing Bankruptcy will not affect your spouse’s credit rating. However, if you have any joint debt, your spouse would be responsible for paying that joint debt in full.

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There are various duties required of you when you go Bankrupt (some of which are described here). If you do not complete them, the Licensed Insolvency Trustee may obtain its discharge from administering your Bankruptcy, thereby leaving you in Bankruptcy. This will essentially put you back into the same situation as you were prior to filing for Bankruptcy, wherein all of your unsecured creditors can once again pursue you directly for payment of the...

The federal government provides guidelines to all Licensed Insolvency Trustees to help them determine if an individual or family has ‘surplus’ income. Your threshold for surplus income is calculated based on the number of dependents in your household and your net family income. Net family income refers to how much you earn after deducting income taxes, payroll deductions, essential medical expenses, alimony, and child support. It does not typically...

When you file for Bankruptcy, unsecured creditors will be given the chance to file a claim with the Trustee for the amount they are owed in order to receive their share of any funds distributed in your Bankruptcy. Your creditors will deal directly with the Licensed Insolvency Trustee and are required by law to immediately stop contacting you regarding collections. If a creditor persists in contacting you, you should notify your MNP Licensed Insolvency...