How To Successfully Complete Your Bankruptcy

How To Successfully Complete Your Bankruptcy

A Successful Completion Of Your Bankruptcy is Important

Fulfilling all the duties under the Bankruptcy and Insolvency Act (BIA) is a necessary prerequisite to successfully complete your bankruptcy and start anew. This article aims to provide a definitive guide on how to successfully complete your bankruptcy.

Understanding Bankruptcy

Bankruptcy is a legal procedure that offers a fresh start to those drowning in debt. However, it’s not as simple as declaring bankruptcy and walking away. There are duties and responsibilities that have to be fulfilled.

What is an Undischarged Bankrupt?

An undischarged bankrupt is a person who has not successfully completed their duties under the bankruptcy process. They are essentially in a state of financial limbo, where they’re still accountable to the Bankruptcy Court and their Insolvency Trustee.

The Consequence of Unfulfilled Duties

Unfulfilled duties during bankruptcy can lead to several complications. For example, an individual who had filed for bankruptcy in 2004 found himself in a predicament when he tried to open a bank account at a branch of his former creditor. The bank’s system flagged him as an undischarged bankrupt, even though the original debt had been “written off.”

Misconceptions about Debt Write-Offs

It’s important to understand that a debt being “written off” by a lender doesn’t mean it has disappeared. The lender has merely accepted that they won’t recover the money and accounted it as a loss. However, this does not absolve the debtor from their responsibilities.

Steps to Complete Bankruptcy Duties

Here’s how to successfully complete your bankruptcy:

  1. Contact Your Insolvency Trustee
    The first step is to reach out to your Insolvency Trustee. They can provide you with information about any outstanding duties you may have.
  2. Fulfill Your Duties
    These duties can include:
    Paying all pending fees;
    Attending the mandatory counseling sessions;
    Submitting your tax information for the year of bankruptcy;
    Providing monthly income reports with proof of income;
    Giving the Trustee any requested asset information.
  3. Obtain a Discharge Order
    Once all duties are fulfilled, the Insolvency Trustee (or the Bankruptcy Court, if the power to discharge has been lost) will issue a discharge order.


Completing all duties related to bankruptcy is crucial for obtaining a fresh financial start. It is advisable to reach out to a Licensed Insolvency Trustee if you find yourself as an undischarged bankrupt.

Remember, how to successfully complete your bankruptcy is not a complex procedure if you understand your duties well and fulfill them diligently. The road to financial recovery is achievable, and this guide is your first step towards that journey.

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