How Bankruptcy Works

Step 2: File Bankruptcy Paperwork

  1. Debt Help
  2. Bankruptcy
  3. Apply, File & Fill Out Forms - Bankrupt | Bankruptcy Process Step 2

Filling Out Bankruptcy Forms
Get Help With a Trustee

It’s up to the trustee to file the bankruptcy paperwork and forms, but it’s up to you to provide the trustee with the information they request. Once the paperwork is filed, you’re officially considered bankrupt. You stop making payments on your unsecured debts. If your wages are being garnished, that will stop. If your creditors are suing you, the lawsuits will be stopped.

Here are your responsibilities during the bankruptcy filings and overall process:

  • Tell your trustee about all of your assets and liabilities (debts).
  • Tell your trustee if you have sold any property or assets in the few years prior to claiming bankruptcy.
  • Give all of your credit cards to your trustee.
  • If you move, provide your new address to your trustee in writing.
  • Generally assist and be cooperative as the trustee administers your estate.
  • Attend meetings and 2 financial counselling appointments as determined by your trustee.
  • Submit monthly income and expense statements to your trustee as required.

You’ll also need to pay the application fee to register for bankruptcy. Many trustees will accept monthly payments from you, so you’ll need to ensure that you make payments to your trustee on time and as required.

Common Questions About How to File or Apply for Bankruptcy

Continue on to step 3: Your Assets Will Be Sold – Provinces vary as to what assets you can keep. Your trustee will sell surplus assets and use the money towards paying creditors off. Surplus income guidelines apply as well.

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Common Questions Apply For Bankruptcy

Contact a Trustee for More Information About Filling Out Bankruptcy Forms

If you’re struggling to pay your debts and need help with bankruptcy or more information for filling out the forms to go bankruptcontact a trustee. If you would like information about debt help or bankruptcy alternatives, contact us today. One of our credit counsellors will answer your questions and provide you with guidance and information so that you can make an informed decision.

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