What to expect when filing bankruptcy

Friday, August 31, 2018 - 21:49


Filing bankruptcy in Ontario is a legal process that can only be completed by a licensed insolvency trustee. As part of the bankruptcy process, your licensed insolvency trustee will help you prepare a budget and provide credit counselling to improve your money management skills.

Filing personal bankruptcy in Ontario ends your legal obligation to pay your unsecured creditors and gives you a way to become discharged of your debts.

At Welker & Associates licensed insolvency trustee will work with you to prepare your initial filing documents. Here is the information you will need to start:

  • A complete list of your creditors (recent bills or statements are preferred)
  • A complete list of all your assets with statements if possible. This includes:
    • Stocks
    • Bonds
    • RRSPs
    • Real estate property
    • If married or common-law, a copy of your most recent paystub and your spouse’s
    • Legal identification such as a Canadian birth certificate, Passport or Canadian citizenship card

To find out if filing personal bankruptcy is right for you, set up a free consultation with a Welker & Associates licensed insolvency trustee. Welker & Associates has offices throughout SW Ontario where we can help you begin working towards resolving your debt issues.

Remember, no one wants to file for bankruptcy, but a plan to resolve your debt issues is the first step to getting back on track.

Latest Posts

What happens if you don’t have enough money to pay your tax debt?

For people who anticipate owing at tax time, it can be a very stressful time…especially if they are already in debt. It’s important to be aware of where you stand so that when tax time comes, you can be prepared. But for some people, it’s not that easy.  

March 11, 2019

Government Debt

What does your credit score mean?

Basically, a credit score is like a report card for your finan. Each purchase you make on credit affects a 3-digit score set between 300 and 900. The higher your score, the better your financial reputation.

March 5, 2019

Rebuilding Credit