Before you meet with a Licensed Insolvency Trustee, I’m sure you will have many questions in your head. My suggestion is, make sure you write those questions down. You can never have too many questions. I never want a client to leave my office with more questions. Our goal is to give you as much information as you need to make an informed decision regarding your financial situation.
Along with the many questions that you may ask when you visit a Licensed Insolvency Trustee, make sure that these questions are included. You may not think of them at the time, but you will definitely want to have these questions answered.
What will bankruptcy cost? Your trustee should explain the payments required for surplus income, equity in non-exempt assets and how tax refunds will be treated.
What is required of me? You will need to learn about your duties and responsibilities in a bankruptcy including the requirement to make payments, report your monthly income, attend two credit counselling sessions, provide the information required to file personal income taxes in the year of bankruptcy and any prior years.
Will bankruptcy affect my spouse? You want to make sure your situation won’t reflect your spouse’s financial situation.
Is all my debt included? Most debts are included, but there are a few that may not be included, depending on your situation. It’s important to know what’s included in your bankruptcy.
What assets do I lose/keep? Your trustee will tell you what assets are exempt. Make sure you’re aware of what happens to mortgaged homes and leased or financed vehicles.
Is bankruptcy my only option? There are several options available. Make sure your Licensed Insolvency Trustee has reviewed all options with you as bankruptcy may not be the best solution.
How will bankruptcy affect my credit rating/credit score and how can I re-build my credit after bankruptcy? In most cases, a debtor’s credit is already severely damaged by the time they meet with a Trustee. Your Licensed Insolvency Trustee will explain that bankruptcy will severely damage your credit in the short-term but the fresh start can actually be a positive step towards rebuilding your credit and a stable financial future.
If you are in financial trouble and have questions, we are here to help. Our offices are open late and on weekends to meet your needs. Our initial consultations are free and are always with a Licensed Insolvency Trustee.
