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During the period of bankruptcy (usually nine months), there are certain responsibilities that you must carry out. If you fail to do so, your bankruptcy discharge can be delayed or even denied.
Prior to signing your bankruptcy agreement, you must ensure that you have provided your bankruptcy trustee with the full facts about your finances. For your own benefit, you must make sure that all outstanding tax returns have been filed (your trustee can help you here).
Once you have signed the agreement you will need to:
- Surrender all credit cards and non-exempt assets to your trustee
- Attend two credit counselling sessions provided by your trustee
- Make a monthly report of income and expenses to the trustee, and provide pay stubs and receipts to back up the report
- If a creditor's meeting is called, you must legally attend it
- Resign from any company directorships
- Inform potential lenders of your bankruptcy if you are applying for a loan of more than $500
- Inform your bankruptcy trustee of any changes to your address or employment status.
- Inform your trustee if you miss a payment
- Provide any information that the trustee requests in a timely fashion
Failure to carry out the above responsibilities can lengthen the period of bankruptcy. In extreme cases, it will be the trustee’s responsibility to re-evaluate the terms of your bankruptcy and bring new information to the attention of your creditors and the bankruptcy court.
IN THIS SECTION
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- Why did my trustee tell me to file all outstanding tax returns?
- I’m declaring bankruptcy because of taxes. Is this allowed?
- Will I still owe my student loan after bankruptcy?
- I can’t afford to pay back my student loan and it’s been less than seven years since I left school-what are my options?
- How long does bankruptcy last?
- Can I keep my car during bankruptcy?
- Can I keep my RRSP during bankruptcy?
- Can I keep my home if I declare bankruptcy?
- Will I still be able to rent an apartment or home if I declare bankruptcy?
- Can I keep a credit card during bankruptcy?
- Is it okay to use a credit card if I am thinking about bankruptcy?
- Can I get a checking account after bankruptcy?
- I co-signed on a loan for someone who declared bankruptcy. What happens now?
- If I’m married and I file for bankruptcy, does it affect my spouse’s credit?
- If my spouse declares bankruptcy and I am listed on their credit cards, am I responsible for the debt?
- I am divorced and my ex has declared bankruptcy. Do I still owe for debts and credit cards that I co-signed with my spouse?
- If I file for bankruptcy, will it be noted on my spouse’s credit file?
- Will filing for bankruptcy affect my job situation?
- Who will find out about my bankruptcy?
- Can I get utility services (telephone, cable, hydro, gas, etc.) after bankruptcy?
- Can I keep any money if I declare bankruptcy?
- What is surplus income?
- Can I go to jail for not paying my debts?
- The collection agency is threatening to take me to court: can they do that?
- What happens if a collection agency takes me to court?
- I am behind on my debt payments; can a collection agency take my furniture, electronics, clothes, etc.?
- I am being harassed by a collection agency: what can I do?
- Can I stop a wage garnishment?
- How do I find out if someone is bankrupt?
- What is Chapter 7 bankruptcy?
- What is Chapter 13 bankruptcy?
- What happens if I live in both Canada and the U.S. and declare bankruptcy?
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