Once I declare bankruptcy, what happens to the money I owe?

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Once I declare bankruptcy, what happens to the money I owe?

Category: BANKRUPTCY FAQ

Once you declare bankruptcy you will be required to surrender certain assets to the trustee. These assets will then be sold and the money earned from the sale of the assets will be distributed amongst your creditors.

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Posted by Brandon Smith
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By Brandon Smith

Brandon Smith is a licensed insolvency trustee and Senior Vice-President of Ira Smith Trustee & Receiver Inc. The firm deals with both individuals and companies facing financial challenges in restructuring, consumer proposals, proposals, receivership and bankruptcy.

They are known for not only their skills in dealing with practical solutions for individuals and companies facing financial challenges, but also for producing results for their clients with realistic choices for practical decision-making. The stress is removed and their clients feel back in control. They do get through their financial challenges and are able to start over, gaining back their former quality of life.

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