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You could even lose any RRSP contributions made within the past 12 months, as well as your tax refund for the year that you filed for bankruptcy. You'll Have To Perform Some Bankruptcy Duties The cost associated with bankruptcy can be impacted by your income. If you make a lot of money, your bankruptcy can cost you a lot more than if you make a lower income. Earning a low income? To find out how you can get out of debt fast, check this out. During your bankruptcy, you will have to perform certain duties, including submitting your income statements every month to verify your earnings. If you make more than a certain amount, you'll have to pay more. Check out this infographic to learn how to tackle your debt once and for all. Consider These Solutions Before Bankruptcy Many Canadians find themselves swimming in debt and struggling to make their payments on time and in full every month. Some borrowers reach the point that they stand to lose everything if they are unable to get a hold of their debt, with bankruptcy soon to follow.
If you'd like to negotiate a debt settlement on your own, read this first. Consumer Proposal A consumer proposal is usually arranged by a trustee and is a legal process between you and your creditors for you to repay a portion of the amount you owe. Of course, your creditors can reject the proposal if they are not comfortable with it. However, if they agree to it, a consumer proposal is another way to consolidate your debt and avoid bankruptcy. How will a consumer proposal affect your credit? Find out here. Final Thoughts Bankruptcy may be a way to seek relief from your mounting debt, but its effects can be long-lasting and can impact your life for years after filing. While this might be the best option in some cases, it can be avoided in many others. If you're drowning in debt, consider seeking credit or financial counselling to see what options are available to you and which program suits your situation best. Rating of 5 /5 based on 2 votes.
A "Statement of Affairs" that lists your assets, liabilities, income, and expenses. Supporting documents you will have to provide may include tax returns, proof of income and expenses of you and your family, and proof of any assets owned by you. Your LIT will register your bankruptcy with the Office of the Superintendent of Bankruptcy, a branch of the federal government that supervises this formal process. Although your trustee prepares paperwork from the information you provide, the accuracy and completeness of this paperwork is your responsibility. As the process continues, keep copies of notices and all other bankruptcy documents the trustee sends you. Step 4: Bankruptcy Commitments As you work through the bankruptcy process, you will be required to complete certain duties. Counselling - your local MNP Licensed Insolvency Trustee (LIT) will help you build better financial habits through budgeting and money management counselling Reports - you must file monthly reports on your income and expenses Payments – you may be required to pay for equity in assets, surplus income and for administrative costs Taxes - your LIT will file your personal income tax return for the year of bankruptcy, although you must still provide the required information Step 5: The Process Finishes The final step in bankruptcy is the discharge.
Does Filing for Chapter 7 Bankruptcy Eliminate all of my Debt? While many of your debts can be relieved by filing for Chapter 7 bankruptcy, there are a few that cannot be discharged. Spousal support, child support, student loans, or taxes are often not discharged through Chapter 7 bankruptcy, but the good news is—you can be relieved of all forms of consumer debt. If you have credit card debt, it will go away. If you have medical bills piling up, they will also go away. When filing for Chapter 7 bankruptcy, you need an attorney that understands bankruptcy law and knows how to make it easy for you to understand. That's where we come in. Our bankruptcy attorneys will show you what your debt situation can look like in the coming years. Will Filing for Bankruptcy Cause me to Lose my House? It is possible to retain your home when filing for bankruptcy, but only if the appropriate actions are taken within a short period of time. At Prime Bankruptcy, we can help you fight to keep your home while filing for bankruptcy, but only if you contact us right away.
If you have tried all of these options and none of them worked for you, then your last line of defense is filing for personal bankruptcy. If you find it hard to determine which of the abovementioned solutions will suit you best, you can ask a bankruptcy trustee for advice. Filing for bankruptcy is a relatively straightforward process: first get in touch with a federally licensed trustee who will review and evaluate your financial situation. Filing an assignment in bankruptcy, prepared by the trustee, is the next step which indicates that you agree to assign your assets to the trustee. He or she will be responsible for distributing your assets to the creditors. The trustee files assignments and relevant paperwork with the Office of Superintendent of Bankruptcy so that your creditors cannot continue or proceed with legal actions against you. You have to also attend counseling sessions with your trustee and talk about the circumstances that resulted in filing for bankruptcy. Before you are discharged, you will have to pay surplus income to your creditors.