Process

September 17th, 2010 by Questions

What is the process of the bankruptcy/timeline? After you meet with the trustee/ creditors are informed/ budgets (6) are submitted/ creditor meetings if required, etc.
Just wondering when each part takes place in the 9 month period. What is the order of events and the time frame to expect each? Thanks

Posted from: Ontario

Questions

One Response to “Process”



September 18, 2010 at 8:17 am, A licensed trustee said:

This is a BIG question – you need to discuss it in detail with whichever trustee you are dealing with.

Very briefly:
– after you meet with a trustee paperwork will be prepared. When you sign that paperwork it will be filed with the government and that is the day your bankruptcy starts
– if you are filing for the first time and do everything that is required of you then your bankruptcy should end in either 9 or 21 months
– your creditors will be notified within 5 days of your date of filing by your trustee
– every month for the first 6 months you will be required to submit a statement of income and expense ( a list of how much money you earned and how you spent it) to your trustee
– in the 7th month your trustee will determine if your income requires your bankruptcy to be extended from 9 to 21 months. In most cases your trustee will meee twith you to explain this step as it can be confusing
– sometime in the first 60 days after the date you filed you must attend a financial counseling session
– sometime (at least) 30 days later, but before 210 days after the date you filed you must attend a second counseling session
– in addition, your trustee will be dealing with your tax returns for the eyar you file. You are responsible to get your tax information to your trustee in time for all the government deadlines to be met (April 30).

That’s an overview – for greater detail speak to your trustee.

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