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Filing vs. Delclaring Bankruptcy

Hello,

Is there a difference between Filing for Bankruptcy and Declaring Bankrupcy? Does Filing for Bankruptcy automatically put you in to a Bankrupt status or does it only start the process?

Any help or direction is greatly appreciated!

Posted from: Ontario

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One Response to “Filing vs. Delclaring Bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

There is no difference between filing for bankruptcy vs. declaring bankruptcy.

What happens is that you first must meet with a licensed trustee, upon meeting with that trustee you will be given an application form that needs to be filled out and returned to your trustee. The trustee will then need a couple of days to take the information contained in the application to the necessary legal documents which you then will have to sign. Upon signing these documents is when the bankruptcy is initiated (or the assignment has been made).

Hopefully this helps to clarify a little.