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

Once you file for Bankruptcy, your Licensed Insolvency Trustee has the duty to notify all of your creditors. Also, Canada Revenue Agency, credit reporting agencies and the federal government's Office of the Superintendent of Bankruptcy must be informed. A very limited number of Bankruptcies (typically corporate bankruptcies) require an advertisement in the Classified section of a local newspaper. A Bankruptcy is a matter of public record with the...

Your Licensed Insolvency Trustee is required to file your prior year’s income tax return if it remains unfiled at the date of Bankruptcy, as well a pre-bankruptcy income tax return for the period from January 1 to the date of your Bankruptcy. The Licensed Insolvency Trustee will retain any refunds arising from these income tax returns. If there is a balance owing on these income tax returns, the amount owed is included in your Bankruptcy. Your Licensed...