Bankruptcy If Necessary

Other solutions | Selling Some Assets

Bankruptcy is a legal process that can alleviate the burden of debt for honest but unfortunate debtors. When you are bankrupt, no creditor can garnish your wages or initiate a legal proceeding against you to secure payment. However, bankruptcy does not protect your assets such as a house or car.

  • You can only declare bankruptcy through a licensed insolvency trustee, i.e. a person who holds a license from the Office of the Superintendent of Bankruptcy (OSB) to administer bankruptcy proceedings.
  • Filing for bankruptcy does not affect the obligations of those who have endorsed or guaranteed a loan for you. Your spouse, for example, may be held liable for debts jointly incurred with you. Therefore, it is important to keep the licensed insolvency trustee up to date about any jointly incurred debt.

To declare bankruptcy with a trustee, these are the steps to be followed:

  1. Contact a trustee to make an appointment
  2. With the trustee, complete the forms required based on your situation
  3. Sell some of your assets to pay off your debts and start making payments according to your situation
  4. Your creditors are notified of your bankruptcy
  5. You will be required to attend various meetings depending on your situation
  6. Your trustee will send a detailed report on your actions to the Office of the Superintendent of Bankruptcy
  7. You will be released from your debts

 

Download the detailed process to learn all the steps

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