Filing for Bankruptcy
Filing for Bankruptcy & Beginning the Process
How Filing for Bankruptcy Can Help You
One of the primary benefits of filing bankruptcy is that most creditors are no longer legally able to pursue you to collect on their accounts. Creditors will also have to cease lawsuits and garnishing your wages. As your licensed bankruptcy trustee in Waterloo, we will also help ensure collection calls stop.
Everyone’s Case is Different
As a licensed insolvency trustee we will first look at the specifics of your case, which will involve a review of your income, assets, expenses, how much debt you owe to creditors, and other relevant information. Everyone’s case is different, and as a licensed insolvency trustee we will need information to complete what is called a Statement of Affairs and other paperwork required for the Office of the Superintendent of Bankruptcy (OSB).
We help you complete this process
File for Bankruptcy With The Help of a Licensed
Bankruptcy can be Complicated
While filing for bankruptcy can be complicated, as a licensed insolvency trustee we are trained to not only help you file the appropriate paperwork, but to also simplify the process for you as much as possible. That means providing you with an understanding of what to expect through each step of a bankruptcy procedure.
What’s Required From You
You will need to attend two financial counselling sessions, report your income and monthly expenses to us as your licensed insolvency trustee and provide tax information with respect to the current year of your bankruptcy and the year prior if not filed with Canada Revenue Agency.
Selling Your Assets
Surplus Income Payments
You may also need to make surplus income payments to the licensed insolvency during the bankruptcy process. This money will go to your creditor or creditors. However, this surplus is usually required from you only if your earning income exceeds a certain and reasonable standard of livings threshold, which is set by the government each year. A licensed bankruptcy trustee in Waterloo will help you calculate this surplus income payment if you’re required to pay it.
How Long The Bankruptcy Process Takes
For most people who file bankruptcy, the process should take 9 to 21 months from the point you file for Assignment in Bankruptcy. Factors such as how much surplus income you’re paying will play a role in how long you must wait until your discharge. For those who have filed bankruptcy before, the process will take 24 to 36 months.
Considering Filing for Bankruptcy?