What to expect when filing bankruptcy
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:
- 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.