If you have to file for bankruptcy, one of the key parts of the process is to sign your bankruptcy documents.
But what’s the process that leads up to this?
And what happens afterwards?
We’re here to guide you.
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What Happens When You Sign Your Bankruptcy Documents?
As part of the process, your trustee will meet with you to discuss your financial situation.
During this meeting, before your information is taken, your trustee will ask if you have any questions surrounding the process.
Then, each document will be explained, so that you’re fully aware of what you’re signing before the information is taken from you.
This information could revolve around your employment, family life and the disposition of your assets.
Once this is complete and it’s confirmed that all the information is correct, your trustee will arrange for another meeting in which you sign the documents.
Everyone is nervous to take this meeting, especially if they have never been to one before.
But you must know that you’re on the path towards dealing with your debts and a brighter financial future is on the horizon.
Of course, before filing for bankruptcy, you must talk through all of your options with your trustee.
But if bankruptcy is the right option for you, your LIT will be there from start to finish.
What Bankruptcy Forms Do You Have to Sign?
When declaring bankruptcy in Canada, there are several forms that you have to sign.
Once these are completed and filed, you will be legally bankrupt.
Although these are prepared by your trustee, they are your statements, so it’s vital that you keep a copy of them.
Here are four of the main types of forms:
- Assignment for the General Benefit of Creditors – starting your bankruptcy proceedings, this includes a statement that you’re handing over all your property to your trustee for your creditors’ benefit.
- Monthly Income and Expense Statement – this includes the financial situation that you’re in and your monthly budget in accordance with your monthly income.
- Statement of Affairs – this lists all of your income, expenses, assets and liabilities.
- Assessment Certificate – this determines that you’ve met with the trustee and that you’ve chosen to file bankruptcy willingly.
Keep in mind that there will be other documents that cover how you will cover the payments, along with the handing over of your accounts, taxation, etc.
How Bankruptcy Canada Can Help
If you’re seeking debt relief services, then look no further than Bankruptcy Canada.
Experts within the field, we can provide you with more in-depth information surrounding signing your bankruptcy documents.
Simply get in contact with one of our local and licensed trustees today on (877) 879-4770.
Or, alternatively, you could send us an email by filling out our online form.
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