Every year, many Ontario locals file for personal bankruptcy to rid themselves of the trouble of debt. If you ever find yourself in a scenario where your earnings and other assets are no longer sufficient to cover your expenses and to repay your financial obligations, claiming bankruptcy may be a solution. In Canada, the process of filing bankruptcy or insolvency usually involves the below steps:
Step 1: See a bankruptcy trustee.
Canada's Bankruptcy and Insolvency Act can be confusing to the average person thus there are licensed and well-informed trustees in the province to help. They evaluate your fiscal condition and give help on the appropriateness of personal bankruptcy for your specific circumstance. If you are in need of help in filing for bankruptcy in Ontario, your trustee can accomplish the documentation and hand it in for processing.
Step 2: Assess your debt and qualification.
When you meet with a trustee, you will also tackle all probable options or alternatives readily available for you. If filing for bankruptcy is your only solution, your trustee will figure out if you're eligible based on the criteria of the law. Your financial obligations will be listed down together with your assets and earnings to know if you're qualified.
Step 3: Attend credit counseling seminars.
Credit counseling seminars aims to inform financially-distressed people on how to cope with bankruptcy and prevent future insolvencies. For your bankruptcy to be approved, you'll need to go to two mandatory credit counseling classes. In every seminar, you'll receive valuable financial education, like how to effectively handle your finances and how to reduce unnecessary expenditures.
Step 4: Do your responsibilities up till the discharge hearing.
Other than meeting with your trustee and going to credit counseling, a little legwork is also involved in filing for bankruptcy. For instance, before the discharge hearing, expect to supply your trustee with necessary papers like proof of income and life insurance policies that prove your properties. After fulfilling your duties and paperwork, you will be able to get your bankruptcy discharge.
Since filing for bankruptcy is a decision that can ultimately influence your fiscal future, ensure you choose the best from among the Ontario debt assistance services to help you fix your issues. Only then can you sail through your bankruptcy proceedings with a positive outlook and an open mind. To learn more, you can visit ehow.com/how_6612986_claim-bankruptcy-ontario.html.
Filing for Bankruptcy in Ontario: Things to Do When You File