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Personal Bankruptcy

Bankruptcy Duties

Bankruptcy duties are typically straightforward easy to understand and not time consuming!

You will have to complete various bankruptcy duties. Some duties assist us in fulfilling our responsibilities to you and the creditors. Others permit us to help you learn how you got into financial difficulty, how to avoid the circumstances and decisions that caused your financial problems, and how to budget and manage your money in order to build a secure financial future.

Here is a quick summary of some of your bankruptcy duties:

  • Disclose to us the details of all sources of household income.
  • Inform us of full particulars of all of your assets and liabilities.
  • Provide us with documentation to permit us to prepare required reports and forms.
  • Provide us with income and HST documentation to enable us to prepare and file your returns.
  • Attend two required budget, credit counselling and money-management meetings.
  • Complete monthly budgets with the knowledge and techniques we teach you.
  • Attend meetings that we or the federal government bankruptcy office, the Superintendent of Bankruptcy, direct you to attend.
  • Make your payments to us, be they minimum fee payments, surplus income payments, or the purchase of equity in assets you have chosen to retain.
  • Keep us informed of your contact particulars and any material changes to your financial circumstances.

Failing to honour all of your bankruptcy duties will interfere with your ability to get discharged. While these items may seem simple enough, they are critical to you successfully completing your bankruptcy.

If you are considering bankruptcy, or are interested about learning more about your bankruptcy duties, please contact us to arrange a no-charge initial consultation. You will find it very informative and helpful!


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