It is up to the trustee to file the bankruptcy paperwork and forms, but it is up to you to provide the trustee with the information they request. Once the paperwork is filed, you are officially considered bankrupt. You stop making payments on your unsecured debts, if your wages are being garnished, that will stop and if your creditors are suing you, the lawsuits will be stopped.
Your responsibilities during the bankruptcy filings and overall process:
- Tell your trustee about all of your assets and liabilities (debts)
- Tell your trustee if you have sold any property or assets in the few years prior to claiming bankruptcy
- Give all of your credit cards to your trustee
- If you move, provide your new address to your trustee in writing
- Generally assist and be cooperative as the trustee administers your estate
- Attend meetings and 2 financial counselling appointments as determined by your trustee
- Submit monthly income and expense statements to your trustee as required
You will also need to pay the application fee to register for bankruptcy. Many trustees will accept monthly payments from you, so you will need to ensure that you make payments to your trustee on time and as required.
Common Questions About How to File or Apply for Bankruptcy
- What is the meaning or definition of filing for bankruptcy?
- Is it cheap to file for bankruptcy or can I file for free?
- Can you file for bankruptcy and keep your house?
- What happens with student loans if I file for bankruptcy?
- What happens if I file for bankruptcy after a divorce?
- Does DIY (do it yourself) bankruptcy exist? | Can I file for bankruptcy online?
Continue on to step 3: Your Assets Will Be Sold - Provinces vary as to what assets you can keep. Your trustee will sell surplus assets and use the money towards paying creditors off. Surplus income guidelines apply as well.
Contact a Trustee for More Information About Filling Out Bankruptcy Forms
If you are struggling to pay your debts and need more information about filling out the forms to go bankrupt, contact a trustee. If you would like information about debt help or bankruptcy alternatives, contact us today by phone at 1-888-527-8999, by email or chat with us online right now. One of our Credit Counsellors will answer your questions and provide you with guidance and information so that you can make an informed decision.