Monthy Requirements

April 4th, 2007 by Questions

What could happen to someone if they have filed for banruptcy but has not followed through with the monthly requirements and payments set out by his trustee?

Thanks for your help.


2 Responses to “Monthy Requirements”

, Barton Goth GCO Bankruptcy Trustees said:

Ultimately if someone files for bankruptcy and doesn’t keep up with their responsibilities under the Bankruptcy and Insolvency Act, you can expect that the court will discharge the trustee. This would leave the person in bankruptcy but remove any court protection, resulting in the creditors being able to attack that person for payment in full.

If this is the position you find yourself in, you should contact your trustee immediately and see if you can make arrangements from preventing this from happening.

, A licensed trustee said:

You should think of bankruptcy as a process – your goal is to be discharged from your debts (that means you are no longer required to repay the debt). If you do not complete the process then you will not be discharged.

This situation happens more frequently than it should – depending on the length of time that has elapsed the “fix” can be relatively straightforward, or it can be onerous. The longer you wait to fix the problem the more difficult the solution will be.

The first step, contact the trustee that handeld your bankruptcy – they will be able to provide you with a list of what you need to do in order to be eligible for your discharge. Once you complete the list, your trustee may schedule a hearing for the Court to decide if there is anything else they require before they will order your discharge.

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