Bankruptcy

March 26th, 2011 by Questions

We recently applied for bankruptcy …how long is the process before we are notified that the court has approved the application?

Posted from: Ontario

Questions

One Response to “Bankruptcy”



, A licensed trustee said:

I think some one has lead you astray – you do not “apply for bankruptcy”. You file bankruptcy with a licenced trustee – there is no Court approval. Once you sign the documents with the trustee they are uploaded to the Office of the Superintendent of Bankruptcy and that is when you become bankrupt.

If some one has told you that you are applying for bankruptcy they probably aren’t a licenced trustee. I suspect what they are doing is sending your paperwork off to a trustee (after you pay thier fee of course) and once you meet with the trustee and sign the required forms, you will become bankrupt.

Ask the people that you have been dealing with if they are a licenced trustee. If they are not you can save yourself some money by going directly to a trustee yourself…

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