Choose a Licensed Insolvency Trustee such as Grant Thornton Limited.
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 in Edmonton, most creditors are no longer able to pursue you for collection of their accounts.
You may be requested to attend an interview with the Official Receiver who is a government official.
You will be required to attend two financial counselling sessions in Edmonton.
If you have any assets which you will not be allowed to keep (see Assets you can keep in bankruptcy), you will be expected to help the Trustee sell them.
You will report your income and expenses on a monthly basis to your Trustee. You may also be required to pay some money to the Edmonton Trustee each month depending upon how much you earn, the size of your family and your circumstances.
You will be automatically discharged from bankruptcy in Edmonton in 9 months if this is your first bankruptcy and there are no objections. You will have no further obligations for the debts covered in your bankruptcy.
Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements.
You should be aware that any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. This is called a petition in bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the petition is allowed, issues a receiving order which places you in bankruptcy with a trustee selected by the petitioning creditor.
No. In fact, personal bankruptcy in Alberta prevents your creditors from garnishing your wages and protects your income to ensure a reasonable standard of living.
Your employer was already contacted by your creditors so they could garnish your wages. In order to stop this wage garnishment, we will have no choice but to inform your employer of your bankruptcy. To avoid this, you should consider declaring bankruptcy before one of your creditors garnishes your wages.
When a person files an Assignment in Bankruptcy in Edmonton or throughout Alberta, a portion of their take-home pay may be payable to the Trustee for the benefit of all creditors. The actual amount payable depends on several factors, including: the take-home pay of the family unit, the number of people in the family and whether the family has non-discretionary expenses such as child care or child support. Any questions you have with respect to surplus income can be addressed with the Trustee when you first meet with us.
To speak to one of the debt help or bankruptcy professionals in Edmonton, call us toll free at 310-8888 for a free, no obligation, confidential consultation — in person Mon to Fri: 8am-4:30pm, over the phone Mon to Fri: 7am-5pm, Sat & Sun: 9am-3pm.
Grant Thornton Limited
1253 91 St SW #102, Edmonton, AB T6X 1E9
I heard of Grant Thorton from a friend that used it to help him out and since Day one it has been nothing but helpful. I had Susan M, and I never felt talked down to and she answered all my questions. I did not even had to call, I was able to use email, that is the best way for me and never a issue.
I have already told two friends to go there and both have said it was the best thing to happen to them. with their two day courses, one to help you not get into debt and one to help manage your money, all help out.
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