Being a responsible debtor is crucial to obtain bankruptcy discharge.
An automatic discharge will free you of your unsecured debts after a specified period of time while court intervention is needed for a non-automatic discharge.
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The time period for automatic discharge depends on several factors.
If you are declaring bankruptcy for the first time and your surplus income is not above $200, then you are eligible for discharge in 9 months after filing.
A 2nd bankruptcy would extend the discharge time to 21 months or more.
In case you are not eligible for automatic discharge, your LIT (Licensed Insolvency Trustee) will submit your appeal for discharge to a court.
The court will consider several factors including your conduct during and after bankruptcy to permit a discharge.
The bankruptcy laws of Canada require debtors to perform their duties as a bankrupt with sincerity.
Clients of MNP Levis bankruptcy firm are constantly guided in being responsible debtors, before, during and after a bankruptcy.
Bankruptcy Duties of a Debtor in Levis
Some of your key responsibilities as a bankrupt debtor include:
- Complete disclosure of your debts and assets to your LIT;
- Surrendering all non-exempt assets to the LIT for debt settlement;
- Surrendering all your credit cards to the bankruptcy trustee (LIT) for cancellation;
- Attend creditor meeting if such a meeting is requested for, by stakeholders;
- Take 2 mandatory financial counseling sessions, included in a bankruptcy process;
- Attend an OSB (government’s bankruptcy department) examination, if required;
- Update the LIT regarding any change of address;
- Cooperate with the LIT on any matter related to the management and settlement of your estate.
Trustees at MNP Levis bankruptcy provide a complete list of duties that you, as a debtor undergoing bankruptcy, must perform.
Performance of duties makes discharge easier and earns you a good reputation, which can help you when rebuilding your financial future.
Rebuilding a solid future for your family and you, is possible only with responsible conduct. Licensed MNP Levis bankruptcy trustees can provide you with expert counsel and practical advice to achieve financial stability after a bankruptcy.
Whether you are contemplating bankruptcy, or searching for a LIT to file for bankruptcy, or are looking to rebuild your credit scoring and financial future, MNP Levis bankruptcy firm can help you in every way.
Visit us today for more information.
Levis QC G6W 0M6