Bankruptcy Thunder Bay - Help You Can Count On
Bankruptcy allows you to release your debts, stop collection calls,
end wage garnishments, and get on with your life.
How Does Bankruptcy Work? - Process or Procedure in Canada | Steps 1-10
Learn the basics about how bankruptcy works in Canada with this guide. Find out about the rules and process of how to file or apply for bankruptcy in order to eventually be discharged.
The bankruptcy process in Canada (declaring bankruptcy) is a big step and not one to take lightly. Once you assign yourself into bankruptcy, it is extremely difficult to change your mind.
Do yourself a favour and make sure that you have explored alternatives to bankruptcy before you decide to go bankrupt. No matter how difficult your money problems may seem today, something this important with long term consequences that you might not be fully aware of, is worth considering carefully.
The 10 Steps Involved When Filing for Bankruptcy
Step 1: Find out if you need
to declare bankruptcy
Step 2: File paperwork with trustee
Step 3: Your assets not exempt will be sold
Steps 4 – 6: Creditors find out
Step 7: Attend bankruptcy
Steps 8 – 9: Reporting to OSB
& ending discharge process
Step 10: After bankruptcy discharge
Common Questions About the Bankruptcy Process
• Should I file for bankruptcy?
• How do I claim or declare bankruptcy?
• What is bankruptcy discharge?
• When does a bankruptcy end?
Bankruptcy and Income Taxes
Part of the bankruptcy process includes your trustee filing your income tax return for you. If you did not file a tax return for the year prior to declaring bankruptcy, your trustee will do that first. Then they will file a return for the period of January 1 until the day prior to you filing for bankruptcy. Any refunds or tax credits from the government will be sent to your trustee and form a part of your estate.
You can request a free consultation session.
THE ANSWERS TO YOUR QUESTIONS
• Keep your car, home and RRSPs*
• Stop harassing creditor calls immediately
• Get the largest debt reduction that is fair