Here is a list of duties you must follow if filing bankruptcy:
Report Income – You’re required to submit an income and expense report to the trustee each month during the time you are bankrupt. You will also be obligated to provide proof of your income. This can be done by submitting pay stubs or bank statements.
Make Payments – The amount of surplus income you may be required to pay during the bankruptcy will be calculated by the trustee based on the income reports you submit. That amount can be based on:
Income
Types of expenses
Assets
Family Size
Attend Counselling – You will have to attend two credit counselling sessions during your bankruptcy. In these sessions, you will be provided with useful information going forward, such as budgeting, rebuilding credit and money management.
File Taxes – You are required to have a bankruptcy trustee file your tax return for the calendar year in which you filed the bankruptcy. If you are eligible for a refund, the refund will be paid to the bankruptcy estate.
Keep In Touch – Make sure the trustee knows how to contact you. The trustee must be kept up to date on changes to your contact information.
In rare instances, you may also be called upon to:
Attend a creditors meeting or examination.
Assist the trustee with the sale/disposal of an asset.
Inspect the claims of the creditors.
Attend bankruptcy court.
Inform the trustee if you believe a creditor is filing a fraudulent claim against you.
To find out if filing personal bankruptcy is right for you, set up a free consultation with a Welker & Associates licensed trustee. Welker & Associates has offices throughout southwestern 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.
