By: Burton, Dey & Associates Ltd. - Trustee in Bankruptcy  09-04-2014
Keywords: Bankruptcy Trustee, personal bankruptcy, debt relief

Bankruptcy is a legal process that requires a Trustee in Bankruptcy to administer. A Trustee in Bankruptcy is federally licensed and regulated. Our Trustee has many years of experience in dealing with individuals in the same situation that you find yourself in now and can explain the options so that you understand and can make the right choice for you. It begins with an information session with our Trustee where the entire process is detailed for you, and should you decide to proceed, the necessary paperwork is prepared for you to sign when you are ready. The Trustee will file your “assignment in bankruptcy” with the court and the Office of the Superintendent of Bankruptcy; you are not required to attend for this filing. Once the bankruptcy has been filed with the court and the Superintendent of Bankruptcy you are considered to be an “undischarged bankrupt” and will be so for 9 to 21 months. The deciding factor in whether or not you are bankrupt for 9 or 21 months is your income and how it relates to your dependants and responsibilities monthly. You are eligible for a discharge after 9 months unless you have what is referred to as “surplus income payments”. These are payments that would be made to your Trustee and paid to your creditors and are made for 21 months. The amount that you are expected to support yourself and your family with varies with the size of your family and some specific expenses. The Superintendent of Bankruptcy provides a standard that the Trustee will use to apply to your situation. Every situation is different and some expenses may be deducted from your income before applying the guidelines for these “surplus income payments". The Trustee will assure you fully understand and are made well aware of the amount you would be required to pay surplus income payments in a bankruptcy situation, well before you sign any documents. Although many assets in a bankruptcy are “exempt from seizure”, (meaning that you are allowed to keep them) there are some that are not. The Trustee will also go over and explain how each and every one of your assets will be considered and effected. Being an “undischarged bankrupt” means, among other things, that you have some simple but important duties to perform such as attending for credit counselling sessions with the Trustee and keeping monthly budgets. Once your period of bankruptcy has expired, you will be eligible for an “automatic discharge” and can consider responsibly re-establishing yourself. It is important to note that although everyone who has been in your situation has felt many of the same things that you are, each situation is unique and speaking to the Trustee is the best way to clarify how you specifically can be assisted. Call and talk to us. (905) 427-6647 or e-mail [email protected]

Keywords: Bankruptcy Firm, Bankruptcy Trustee, credit card debt, Debt Problems, debt relief, financial problems, Financial Solutions, personal bankruptcy

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