Bankruptcy Counselling Sessions: What to Expect

Bankruptcy Counselling Sessions

In order to get your bankruptcy discharged, you are mandated to go to the two compulsory bankruptcy counselling sessions.

Either they will be with the trustee managing your file or through a different financial professional.

Typically, the first meeting is usually in the second period of your bankruptcy – two or so months into the proceeding.

The next will occur during the second half of the process – around the sixth month mark.

Both meetings offer significant value in terms of what you can learn.

The idea is to teach budgeting and credit strategies to assist you in properly handling your finances in the future.

Ideally, this will leave you with the information necessary to avoid similar situations in the future.

About the Counsellors

All of the counsellors are required to obtain licencing under the Bankruptcy and Insolvency Act.

They also must be registered as a qualified insolvency counsellor.

This entails them proving their knowledge through a written exam and also having more than 100 hours of experience with a supervisor before they can strike out independently.

Services Before Bankruptcy

If you want to look into counselling prior to initiating bankruptcy, you can meet with a licensed insolvency trustee or credit counsellor.

Otherwise, the bankruptcy counselling tends to be geared towards those already in bankruptcy proceedings.

Since it is a discharge requirement, you need to ensure your attendance – something which will also be sent to the Office of the Superintendent of Bankruptcy.

Once this, and all of your other conditions are met, you are eligible for discharge.

Taking the information, you gained during the bankruptcy counselling sessions, you can then move forward with a better financial grasp.

This encourages you to make savvy decisions, reach out for consultation when necessary, and avoid a similar situation in your financial future.

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