Steps in a Canadian Bankruptcy

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Steps in a Canadian Bankruptcy.

Steps in a Canadian Bankruptcy, #1 of 7: Consultation with the Trustee.

Call a trustee and set up a FREE confidential consultation.

Please bring this filled out form to the first meeting with the trustee so the trustee has all relevant information and can give your the best information on your options.

This meeting takes about an hour.

Steps in a Canadian Bankruptcy.Steps in a Canadian Bankruptcy, #2 of 7: Take the time to think over what the trustee told you.

If you decide to go ahead, phone the trustee’s office and set up a time to go back to the office to sign the documents.

This meeting should take about 30 – 45 minutes.

Steps in a Canadian BankruptcySteps in a Canadian Bankruptcy, #3 of 7:  The trustee will mail out the bankruptcy documents to your creditors within 5 business days of your signing the documents.

Creditors cannot take any action against you once you file. If any collectors or creditors phone you for money tell them you filed bankruptcy and refer them to your trustee.


Steps in a Canadian Bankruptcy, #4 of 7. Each month you will send in your Statement of Income & Expenses, pay stubs and the required monthly payment to your trustee.

The trustee will have provided you with the necessary forms. You must do this as part of your duties so that your Trustee can recommend your discharge.

demo-bannerSteps in a Canadian Bankruptcy, #5 of 7:  Two financial counselling sessions are held at the trustee’s office.

The first counselling session is held within the 1st two months; the second one is held at the 7th month.

You must take the two financial counselling sessions in order to be eligible for your discharge from bankruptcy.


Steps in a Canadian Bankruptcy, #6 of  7: At the eighth month, following your signing the bankruptcy documents, your trustee must report on how you conducted yourself before and during the bankruptcy.

If you have conducted yourself properly and performed all your duties your trustee will recommend an absolute discharge from bankruptcy.

The majority of bankrupts are discharged in nine months.


Steps in a Canadian Bankruptcy, 7 of  7: Your Trustee will send you your Certificate of Discharge which will certify that all your eligible debts have been erased.

The credit bureau will be notified and in 6 years the record of the bankruptcy will be removed from your credit report.

If any former creditor tries to collect from you or says you still owe them money showing them a copy of this document will prove that you do not owe them any money.

Thank you for the prompt answer and for the clarity. You people are great! You got back to me within an hour on my question.

Anon, BC Submit your review.