Bankruptcy - Personal Services

The Bankruptcy Process

Before you decide to declare bankruptcy, contact a professional to discuss all of your options. Ira Smith Trustee & Receiver Inc. is a highly skilled, professional firm licensed by the federal government that can evaluate your situation and present all of the options available to you. If bankruptcy is the most advantageous for your particular circumstance, we can administer the bankruptcy process.

How to file for bankruptcy?

In order to file for bankruptcy you must engage a licensed insolvency trustee, an individual licensed by Industry Canada to administer the bankruptcy process. The 10 steps below are a guide of the bankruptcy process.

The 10 Steps of the Bankruptcy Process as Required by the Office of the Superintendent of Bankruptcy Canada (OSB)

  1. Contact trustee and attend a meeting with him or her to talk about your personal situation and your options including if it is possible for you to avoid bankruptcy.
  2. Work with the trustee to complete the required forms. The trustee will then file the bankruptcy with the Office of the Superintendent of Bankruptcy.
  3. The trustee notifies your creditors of the bankruptcy.
  4. You attend a meeting of creditors, if one is called.
  5. You attend two counselling sessions.
  6. Subject to your provincial exemptions, the trustee sells your assets; you may also have to make surplus income payments to the trustee.
  7. In certain circumstances, you may have to attend an examination by an officer at the OSB.
  8. The trustee prepares a report to the OSB describing your actions during the bankruptcy.
  9. You attend the discharge hearing, if required.
  10. You are discharged from your bankruptcy and then the trustee completes the administration, including paying a dividend to your creditors, if available.

Contact Ira Smith Trustee & Receiver Inc. today to arrange for a free, no obligation consultation. We can provide expert advice on all of the options available to you and/or administer the bankruptcy process. Our goal is to quickly have you Starting Over, Starting now