Bankruptcy allows an individual to be released from his debts and to begin the financial recovery process, thus ensuring that the individual may meet his/her needs and those of immediate family.
The first step is to meet with a trustee; together, we will draw up a portrait of your financial status, and the trustee will explain various options which may apply to your circumstances.
If you have made your decision in favour of bankruptcy, you may be required to remit some of your material assets to the trustee. Contact us to find out which goods could be seized because number of laws protects certain assets.
On the other hand, most of your debts are already included in your bankruptcy, and as such no creditor may persue legal recourse against you and your material goods without prior approval by the court, which in itself is quite rare.
During your bankruptcy, you will be required to abide by certain conditions. These conditions are listed in the downloadable brochure.
During your bankruptcy, you will be required to attend two consultation sessions. And these sessions are on effective budgeting.
If you attend the consultation sessions and have kept up with all required duties, you are eligible for automatic release, provided this was your first bankruptcy.
If this is not your first bankruptcy, you must then appear before a registrar, who will consider the trustee's report; as a rule, the release will be postponed for a period varying between one month and one year.
The release purges your debts, but not the fact of having declared bankruptcy.
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