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Briefly, the steps are:
Choose a Trustee such as Alger & Associates Inc.
The Trustee will help you prepare a Statement of Affairs
which lists all of your assets, creditors, income, expenses, and other pertinent information
After you file bankruptcy, most creditors are no longer able to pursue you for collection of their accounts.
You may be requested to attend a bankruptcy interview with the Official Receiver who is a government official.
You will be required to attend two financial counselling sessions.
If you have any assets which you will not be allowed to keep (see Will I Lose Everything?), you will be expected to help the Trustee sell them.
You will report your income and expenses on a monthly basis to the Trustee. You may also be required to pay some money to the Trustee each month depending upon how much you earn, the size of your family and your circumstances. This payment is called your surplus payment.
You will be automatically discharged from bankruptcy in 9 months if this is your first bankruptcy, your surplus payment is less than $100 and there are no objections. If your surplus payments is $100 or greater, your discharge will be in 21 months. You will have no further obligations for the debts covered in your bankruptcy.
Our qualified Alberta trustess are familiar with all aspects of
Canadian bankruptcy law. We currently have offices in
Calgary, Red Deer, and Edmonton, Alberta, Canada.
Call now for a free consultation: 310-8888
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