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Bankruptcy Requirements
Everything you need to know about the requirements for bankruptcy
Bankruptcy requirements in Canada
While filing for bankruptcy can give you a new lease on your financial life, the process comes with certain responsibilities. Before you file for this legal proceeding, your licensed insolvency trustee will take you through your duties, as well as giving a clear picture overall about how the bankruptcy process will go.
In brief, bankruptcy law in Ontario requires that you be open about your debts and assets. And if the trustee asks for your help with anything related to these, then you must provide the assistance.
For example, your trustee will require you to:
- Notify them if you change your phone number or address
- Attend two financial-counseling sessions
- Provide all information related to your tax returns for the year of your bankruptcy and for the ones prior, if they have not been filed
- Disclose your income and expenses for every month you are in bankruptcy, using the appropriate form
- Pay into your estate whatever surplus income statements are required of you for the period of your bankruptcy
- Be available for an examination by the Office of the Superintendent of Bankruptcy, if requested, or by one of your creditors, if they are granted an examination
- Be available to attend a meeting of your creditors, if requested
- Surrender all of your credit cards
- Assist them to sell any of your non-exempt assets
- Inform them of any property you acquire during the bankruptcy period, including lottery wins, inheritances, sizable gifts and income tax refunds.
If you are having serious financial debt problems, Doyle Salewski offers a free, no obligation, and fully confidential first consultation with one of our insolvency experts. To find out more about whether bankruptcy is for you – or if there may be other options, such as a filing a consumer proposal – contact us today: in Ottawa call 613-237-5555; out of town, call toll-free 1-888-488-5555 or book online.
