Why You Must Complete Your Bankruptcy & Get Your Discharge
Are you currently proceeding through the bankruptcy process?
Bankruptcy is a way to eliminate your debts and start fresh with a completely blank slate.
While there are certainly some issues with bankruptcy the main benefit is that your debt will be cleared.
However for this to happen, you do need to complete the process.
While you can change paths after you have started the process of filing for bankruptcy, to do this, you will need to pay more to your creditors.
You might not be able to afford this and that’s why you need to be certain that bankruptcy is going to be the right choice for you.
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What Happens If You Are Not Discharged?
There are a lot of people who fail to complete the requirements of their bankruptcy.
They then find out years later that they were never discharged.
This means that they are still in debt and the money that they owe is still there.
They might have tried to get new credit and discovered that their original bankruptcy remained.
What Are The Requirements?
A lot of people are worried that the requirements of bankruptcy are going to be complicated and difficult however this is not typically the case.
The main requirement is to make sure that you are providing all the information possible to your trustee including any tax returns or income info.
You will also need to ensure that you are completing the necessary payments and attending the counselling sessions as required.
It’s worth noting that the two counselling sessions are mandatory.
The good news is that they will provide benefits to you and help ensure that you are in a stronger position once the bankruptcy process has been completed.
What If You Don’t Meet The Requirements?
If you don’t meet the requirements then, as mentioned, you won’t be discharged.
This means that your trustee can apply for their discharge.
They will no longer be responsible for administering your bankruptcy.
If you want to continue with the process, you’ll then need to pay another cost to get them to reopen the file.
You will also need to complete any outstanding duties and potentially go before a judge to try and get your discharge granted.
Crucially, if the trustee is discharged then all your creditors can return.
They can even charge you interest for the time when you were supposed to be going through bankruptcy and didn’t completely meet the necessary requirements.
They also have the right to pursue legal action against you to claim the money they are owed.
Many people do find bankruptcy difficult but it doesn’t need to be a nightmare.
Contact us today and we can help you like we have helped more than a hundred thousand Canadians gain the debt relief they need.
With our support, we are confident that you will be discharged.
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?