What to expect when filing bankruptcy

Friday, August 31, 2018 - 21:49

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:
    • 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.

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