Bankruptcy in Canada must be filed through a Licensed Insolvency Trustee who’s role is to ensure both the debtor and creditors are treated evenly and fairly.
The main reasons for filing bankruptcy:
- It will eliminate most unsecured debts
- stops wage garnishments
- offers credit counselling as part of filing
- stops collection from creditors
The protection of bankruptcy can be started in 3 easy steps:
- Free Debt Assessment: Contact Allan Marshall & Associates Inc. Licensed Insolvency Trustees, to schedule a free consultation to discuss your financial situation. During the consultation we will conduct a thorough review of your current financial situation and discuss all possible options, subject to your specific financial situation. If bankruptcy is a valid option, based on your financial circumstances, Allan Marshall & Associates Inc will help explain the process.
- Paperwork: Allan Marshall & Associates Inc. will prepare the necessary paperwork for signature and file the signed documents with the Official Receiver to activate the bankruptcy protection. When filing for bankruptcy, you will have to sign at least two forms. An “Assignment” form stating that you are handing over all of your property to the trustee for your creditors and also a “Statement of Affairs” which will which is a list of your assets, liabilities, income and expenses. Legal documents are part of the process and although the trustee will help prepare them, you are responsible for the accuracy of the content.
- Bankruptcy begins: Your Trustee (Allan Marshall & Associates Inc.) will notify all creditors of the bankruptcy and the stay of proceedings will protect you from any further legal or collection activity.