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All About Bankruptcy - The Bankruptcy Process 

Are you sick of banks charging 34% interest on credit cards, then paying you 1% on savings, only to claim they need more profit? You gave them a massive bail out. Banks still get 0% loans from the government. Yet they still claim you - the taxpayer supporting them --- are not deserving of credit. This is so wrong. If your bills are piling while savings dwindle, you found your ultimate solution. You must be ready for for a better way -- a proven Chapter 7 bankruptcy means test strategy -- because you and the ones you love deserve an equal chance. This site is about that equal chance, profitable solutions, and getting you back on track to enjoy true financial freedom. This is far easier than you may now think. Let me show you here and now. I will change your life forever in a very positive way. http://lnk.co/IIGIG

 

 
 
Tags:  bankruptcy  bankruptcy list  bankruptcy australia  how to file bankruptcy  bankruptcy act 
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Published:  February 12, 2012
 
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Slide 1: ==== ==== Find Out How The Pros Use Their Options Wisely And Beat Creditors At Their Own Game. http://lnk.co/IIGIG ==== ==== There is a great deal of confusion about the filing of bankruptcy in Canada vs. the United States. This article will focus on the filing of a bankruptcy in Canada. The bankruptcy process starts with initially consulting with a licensed Trustee. You need to meet with a trustee who is licensed by the federal government and practices in your local area. So the first step is to contact a local trustee and set up a time for them to evaluate where you are at financially. To be able to adequately explain all your options and give any quality advice this trustee will begin by reviewing the details of your financial situation. To do this they will sit down with you in person and talk about the fundamental areas of our personal finances (i.e. assets, income, living expenses and debts). To assist with this it is important that you come prepared to this meeting with a list of this information. Now while preparing this information remember it is not essential that this information is exact, the trustee doesn't need to know the amounts down to the penny, but they will need to know roughly where you sit in general. The reason this information is important is that the bankruptcy and how it will transpire is dependent on the specifics of your situation. So if the trustee is aware of what is happening in your life they will be in a better position to discuss what you can anticipate from the filing of a bankruptcy. In this consultation you will find that the trustee will discuss a number of things. This is both from a practical and a legal standpoint, so your trustee will do more than just review your situation, they will make sure you understand all aspects of the Canadian bankruptcy system, including what a discharge is, the duties and responsibilities that you will have as part of the bankruptcy, the specific impact on credit and some of the options to a bankruptcy. One interesting thing is that a trustee is not just about bankruptcy. Often, as a trustee is conducting this review they will help you to determine that a bankruptcy is not going to be beneficial to your situation and perhaps there is a better way (i.e. consumer proposal). This typically occurs if you have higher income and/or substantial assets or some other unique aspect of your situation. This is part of the reason that a trustee is required to review things and explain not only about bankruptcy but all the options to bankruptcy as well. That way you are aware of what different choices are available and the ramifications of those different directions. This is a part of the process that most people find surprising; if you are not a good candidate for bankruptcy your trustee will tell you that. A trustee does more than simply file bankruptcy or suggest that people file for bankruptcy, a trustee is a licensed professional who's duty it is to help you understand all the options that exist and make recommendations based on what is best for everyone. So if you are a better candidate of a consolidation loan, a debt management plan or a consumer proposal, your trustee will make sure you not only understand this, but will assist you in finding the help that you need. The Canadian Bankruptcy Process After having things reviewed by a licensed trustee and you determine that a bankruptcy is the best fit, you are then are able to proceed with the filing of the bankruptcy. In order to proceed with the filing the trustee will require more detail than you originally provided. At your initial meeting your
Slide 2: trustee will have given you a number of different reference documents as well as an application form. This application form needs to be filled out and returned to your trustee's office for processing. Within this application is all the required information your trustee needs to prepare the formal bankruptcy documents. From here your file must be processed, your trustee's office will need a little time to take the information in the application form an turn it into the legal documents that will make the bankruptcy official. When your trustee is finished processing your application form they will schedule a time for you to sign these documents and formalize the bankruptcy. By signing these documents court protection will be automatically put in place. This "stay of proceedings" is protection that prevents your creditors from being able to chase you for the debt. At this point they must stop the phone calls, the interest and any other collection activity they have taken. Now practically there is always a bit of a time delay between the actual signing of the documents and all the creditors notifying all areas of their organization, but fairly quickly the creditors will be notified.. As a result of the formal filing your creditors must not deal with your trustee and you are given the necessary space to be able to focus on the duties you must complete as part of the bankruptcy process. Duties and Responsibilities While there are a number of duties and responsibilities that must be completed during a bankruptcy, they are easier than most people think. The first major part is assisting with assets. As part of filing a bankruptcy the first thing you have to assist with is the disposition of any nonexempt assets. This will be explained in much greater detail to you when you first meet with a local trustee, but the idea is that your province has legislated a list of property that is protected when a bankruptcy is filed (i.e. exempt property). So if you own any property over and above your provincial exemptions this may be lost as part of the bankruptcy process and you would have to work with your trustee to have it property disposed of. In most situations we find that the provincial guidelines have been set wide enough so that most of the things in an average household don't become an issue, but it is something you must be aware of. If you have any specific questions about the exemptions in your province you can review the details through the link at the bottom of this article. The second responsibility you will have relates to the cost of bankruptcy. There is a cost to file a bankruptcy, it is a monthly cost that is largely governed by the Office of the Superintendent of Bankruptcy (a division of the Federal government). They have set a threshold level of income that is allowable given your family size. If your income falls below the threshold you qualify for a minimum cost that is set by the local trustee and if your income exceeds the threshold your cost of bankruptcy will be based on a calculation that is mandated across the country. Again, this is something that your trustee will review with you in detail well in advance of you filing for bankruptcy. The third responsibility you will have is attendance at two credit counseling sessions courses. These courses can be conducted individually or in groups, depending on what you have arranged you're your trustee and they are required to cover topics the essential components of our personal finance (i.e. budgeting, spending habits, re-establishing credit, etc.). The goal of these sessions is one of rehabilitation, they are designed to help review and hone your financial management skills, as well as the identification and prevention of destructive habits. The fourth thing you are required to do is the sending of a monthly report to your trustee. These reports are simply a summary of your monthly income and expenses and in order to fill them out
Slide 3: you are required to keep receipts for any money you spend during the month. At the end of the month you are required to summarize these receipts on a form that will be provided by your trustee and provide a copy of this form to your trustee. There are certain receipts that you will have to attach to this form, but the specifics of this will be reviewed by your trustee. These are the standard duties and responsibilities that each individual bankrupt must complete. There are a few other responsibilities that may be required (i.e. attendance at a creditor meeting, attendance at an examination by the Office of the Superintendent of Bankruptcy etc), but these are relatively rare and will be discussed in more detail when you meet with a trustee of the evaluation we previously discussed. In the vast majority of cases upon completing these four duties your part of the bankruptcy is complete and you become eligible for a discharge. I have finished my duties and responsibilities, what now? Everything about a bankruptcy drives toward the discharge. To be cleared from your debts you need to obtain your bankruptcy discharge. It is not the filing of a bankruptcy that clears you from your debt, but being discharged from bankruptcy. A discharge is available once you have completed all your duties and responsibilities. When you have finished your part of the process your trustee will obtain a discharge order from court and this will technically clear you from your unsecured debts. As this discharge document is an important document (i.e. the one that can be used to demonstrate that you have legally completed the process and been released from all your debts) it is an important document to hold on to and keep in your important document file indefinitely. Once you are discharged you are no longer liable to any of your creditors, you no longer have any responsibilities associated with the bankruptcy, it is at this point you can put everything behind you and start to focus on rebuilding your credit and your future. Overall bankruptcy in Canada is relatively straight forward. For the most part very few assets are lost as part of a bankruptcy, people don't have many difficulties keeping up with the monthly payments or statements and the vast majority of people obtain a discharge without any major difficulties. When the Canadian bankruptcy process is compared with the stress that was being caused by the collection agents prior to the bankruptcy the difference is significant. It really is a legislated way to deal with your debts in a reasonable fashion, put the stress behind you and move forward. If you are in a position where you are struggling with your finances and contemplating the filing of a bankruptcy the best thing to do is to meet with a trustee right away. Remember there is no cost and no obligation and the trustee is trained to help you understand the available options and determine the most reasonable way to deal with your finances. About this Author Barton K. Goth is a senior advisor with Goth & Company Inc. - Trustee in Bankruptcy and publisher of the Edmonton Bankruptcy Article Series. Goth & Company Inc. is an Edmonton based firm licensed by the Federal Government and committed to helping people find solutions to financial difficulties. If you require more information bankruptcy or the various alternatives you can visit them online at http://www.GothandCompany.com or contact them directly at 780-435-5110. Article Source:
Slide 4: http://EzineArticles.com/?expert=Barton_K._Goth ==== ==== Find Out How The Pros Use Their Options Wisely And Beat Creditors At Their Own Game. http://lnk.co/IIGIG ==== ====

   
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