CBB

Completing the following net worth statement will help you begin to understand what assets you own, what they may be worth if sold, your debts, and whether you have sufficient assets, if sold in an orderly manner, to pay your debts in full. If, upon completion of the net worth statement, you have an apparent excess of debts over assets, you may be insolvent.

Completing the following monthly budget will help you begin to understand how much money you have to spend and how to prioritize your spending. Prior to beginning, we suggest that you thoroughly review your finances and related documentation:

To begin the process, you must contact a Trustee in Bankruptcy. Collins Barrow Brown Inc. is a Licenced Trustee in Bankruptcy. Trustees in Bankruptcy are appointed and regulated by the federal government. They are subject to comprehensive professional training and rigorous codes of ethics. A Trustee is an intermediary between you and your creditors. The Trustee will review your finances, provide you with advice and information about your options, and prepare the necessary paperwork to be filed with the Official Receiver (an employee of the office of the Superintendent of Bankruptcy, an agency of the federal government).

Bankruptcy is a legal process described in the Bankruptcy and Insolvency Act. Bankruptcy is appropriate if an individual is unable to resolve their financial difficulties by other means. With a few exceptions, bankruptcy immediately terminates creditor collection calls and legal proceedings. Interest on unsecured debts also stops accruing and it is not necessary to make further payments to them. Upon declaring bankruptcy, the Trustee in Bankruptcy will take possession of the bankrupt's assets (except those exempt from seizure by law), sell them and distribute the funds to the creditors. Bankruptcy terminates, upon discharge, most, if not all, of an individual's debts.