Bankruptcy; it can happen to anyone, anywhere, and Canadians are no exception. A report by Statistics Canada published around March, 2013 revealed that the nation's total consumer credit debt reached C$477 billion at the end of 2012; enough proof to realize Canada's serious debt crisis. Naturally, those who can't pay back their loans will be forced into filing for bankruptcy.
It sounds like a daunting process, but bankruptcy holds the potential of a fresh new start for insolvent debtors. However, it all hinges upon whether or not the debtors manage to accomplish all their duties and please their creditors. The following is a brief guide on how to go through the process of filing for bankruptcy in Ontario.
The first step for those planning to declare bankruptcy is to approach a trustee licensed by the provincial government of Ontario for consultation. These experts will first determine whether or not bankruptcy is the right solution for you. Once you decide to seriously apply for immediate personal bankruptcy in Ontario, you'll be asked to visit the trustee once again.
The succeeding meeting involves signing up documents which will legally vest all your remaining properties to the trustee. In turn, the trustee is permitted to liquidate the assets in order to pay off your remaining debt. Fortunately, not all properties will be given away as repayment, as the provincial law restricts the liquidation of particular items, such as personal effects, your own car, your furniture, and so on.
Upon successfully filing and relinquishing your properties, all debt charges against you will be dropped. However, you're obligated to fulfill any financial duties your trustee (and in extension, your creditor) has imparted to you. Successfully meeting all requirements can lead to an early discharge from bankruptcy and back on the road to economic recovery.
Canada's currently under pressure from its mounting credit woes, and its people could be running out of cash and things to repay the debt. Bankruptcy can offer a fresh start, provided that debtors can make good on their new lease. To learn more about personal bankruptcy, you can head over to canadaonline.about.com/od/bankruptcy/Personal_Bankruptcy_in_Canada.htm
Protect Yourself by Immediately Filing Bankruptcy in Ontario