Canadian Bankruptcy
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Dealing With Bankruptcy In Canada
The international credit crunch has made things financially tough on almost everyone in Canada over the last few years. The government has had to make massive cutbacks, companies have gone bankrupt, and millions of people have lost their jobs. For some Canadians things have become so bad they cannot see a way out of their own personal, or business, financial crisis. The only solution that seems to be left for them is to declare themselves bankrupt.
Many people try to put off dealing with their debt and find themselves spiralling into even more debt. Declaring yourself bankrupt can seem like admitting defeat. But it may be the only way out and in the log term it may be the best solution for you. One thing is for sure, doing nothing is not really an option. Your debt must be faced up to and dealt with so that you can be freed from the burden of it.
In this lens we will look at Canadian bankruptcy and discuss how a Canadian bankruptcy trustee can help you to deal with your debt crisis . We will see if there are any alternatives to bankruptcy, and try to understand a bit about Canadian bankruptcy law. We will provide you with links to other resources that may help you to learn more about the options available to you. Please remember, the information in this lens is provided for informational purposes only, and anyone considering bankruptcy should seek advice from a registered Canadian bankruptcy trustee.
Many people try to put off dealing with their debt and find themselves spiralling into even more debt. Declaring yourself bankrupt can seem like admitting defeat. But it may be the only way out and in the log term it may be the best solution for you. One thing is for sure, doing nothing is not really an option. Your debt must be faced up to and dealt with so that you can be freed from the burden of it.
In this lens we will look at Canadian bankruptcy and discuss how a Canadian bankruptcy trustee can help you to deal with your debt crisis . We will see if there are any alternatives to bankruptcy, and try to understand a bit about Canadian bankruptcy law. We will provide you with links to other resources that may help you to learn more about the options available to you. Please remember, the information in this lens is provided for informational purposes only, and anyone considering bankruptcy should seek advice from a registered Canadian bankruptcy trustee.
Books To Help You Deal With Your Debt
What You Should know About Filing For A Canadian Bankruptcy
In this article we will look at deciding whether you need to declare yourself bankrupt or whether there is an alternative. We will then talk about what the procedure is for declaring yourself bankrupt, and finally we will discuss your responsibilities.
Filing for bankruptcy is a very serious step and should not be entered into lightly. There may be other options available to you. Therefore the first thing to do is to find a licensed bankruptcy trustee. He or She will be highly trained in dealing with debt, and will be able to take a thorough look at your circumstances, and help you to decide whether bankruptcy is the right choice.
Once you have made your decision to file for bankruptcy, Canadian bankruptcy procedures require you to sign a legal document called an Assignment For Bankruptcy. This then needs to be submitted to the Superintendent of Bankruptcy (OSB). The OBS will then appoint your bankruptcy trustee as the administrator of your estate, and a Certificate of appointment will be issued to him or her. From that moment on all letters and phone calls from your creditors will stop.
This is not the end of the process, there are things you must do in order for your debts to be removed. The first requirement is to submit a monthly income report to your bankruptcy trustee; you must also attend monthly meetings with your bankruptcy trustee to undergo credit counselling, and you are required to make sure the agreed monthly fee is paid. If you fulfil all of these requirements, and there are no objections, you will be discharged in 9 months. Once you have been discharged from your Canadian bankruptcy, you will be free from all of your debt, with a few exceptions, such as child support, student loans, etc.
Remember you must comply with all of the terms of your Canadian bankruptcy during the nine month period, if you don't your bankruptcy will be reinforced for another year. So it is important to follow all of the rules.
So you can see Canadian bankruptcy is something you should think carefully about. Get proper advice from a licensed bankruptcy trustee to see if it is the only way out of your debt. If you do decided to file for bankruptcy, make sure you stick to the rules so that you can be discharged in nine months time.
Filing for bankruptcy is a very serious step and should not be entered into lightly. There may be other options available to you. Therefore the first thing to do is to find a licensed bankruptcy trustee. He or She will be highly trained in dealing with debt, and will be able to take a thorough look at your circumstances, and help you to decide whether bankruptcy is the right choice.
Once you have made your decision to file for bankruptcy, Canadian bankruptcy procedures require you to sign a legal document called an Assignment For Bankruptcy. This then needs to be submitted to the Superintendent of Bankruptcy (OSB). The OBS will then appoint your bankruptcy trustee as the administrator of your estate, and a Certificate of appointment will be issued to him or her. From that moment on all letters and phone calls from your creditors will stop.
This is not the end of the process, there are things you must do in order for your debts to be removed. The first requirement is to submit a monthly income report to your bankruptcy trustee; you must also attend monthly meetings with your bankruptcy trustee to undergo credit counselling, and you are required to make sure the agreed monthly fee is paid. If you fulfil all of these requirements, and there are no objections, you will be discharged in 9 months. Once you have been discharged from your Canadian bankruptcy, you will be free from all of your debt, with a few exceptions, such as child support, student loans, etc.
Remember you must comply with all of the terms of your Canadian bankruptcy during the nine month period, if you don't your bankruptcy will be reinforced for another year. So it is important to follow all of the rules.
So you can see Canadian bankruptcy is something you should think carefully about. Get proper advice from a licensed bankruptcy trustee to see if it is the only way out of your debt. If you do decided to file for bankruptcy, make sure you stick to the rules so that you can be discharged in nine months time.
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David Smith, Chartered Insolvency and Restructuring Professional http://personalbankruptcycanada.ca
Did You Find My lens Helpful? Please Leave Your Comments Here
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aesta1
Jul 28, 2011 @ 1:37 pm | delete
- You have covered most points about Canadian bankruptcy. I could just imagine how difficult it is.
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aesta1
Jul 28, 2011 @ 1:37 pm | delete
- You have covered most points about Canadian bankruptcy. I could just imagine how difficult it is.
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kaazoom Jul 27, 2011 @ 6:46 pm | delete
- A Interesting lens about Canadian Bankruptcy. Lots of helpful information
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