How do I file bankruptcy?

You must meet in person with your Licensed Insolvency Trustee to obtain: 

  an assessment of your current circumstances, 

  a discussion of your options or alternatives, 

  a determination of whether you are insolvent, and 

  answers to your questions. 

Your Trusteewill listen while you explain the details of your financial situation.  A Trustee cannot counsel you into bankruptcy to solve your financial problems. The purpose of the discussion is to assist you in understanding the cause of your financial difficulties, and to advise you on the best method of improving your financial circumstances.  

If you choose bankruptcy, you must provide your Trustee with all the information required to complete the filing process. Your Trustee will prepare the necessary documents for you to sign. The filing process usually can be completed in one day which is especially important when there is a specific emergency, such as a garnishment order, or a frozen bank account. 

4 key documents you sign are critical to the bankruptcy process. 

  Your Assessment Certificate 

This document shows you have met with a Licensed Insolvency Trustee who has assessed your financial situation and as a result you have chosen to file bankruptcy. 

  Your Statement of Affairs 

This document shows all your assets and liabilities; some personal information; a history of your conduct with the assets you own, or have owned. This document is sworn under oath to be true and correct to the best of your knowledge. 

  Your Statement of Income and Expenses 

This document shows your most recent monthly income and expenses for you and the people living in your household. 

  Your Assignment for The General Benefit of Creditors 

This document assigns all your nonexempt assets, if any, to your Trustee for the benefit of your creditors. 

Before you sign any document, you must review the document to ensure you understand its contents, and to ensure it is accurate. All documents are legal documents which become part of your bankruptcy file. Once you sign the documents, the documents are filed with an Official Receiver in the Office of the Superintendent of Bankruptcy. The Official Receiver appoints your Trustee, and you become legally bankrupt. You cannot reverse the process without a Court Order.  

You should keep copies of all notices and other documents you receive regarding your bankruptcy.