{"id":4526,"date":"2013-10-23T17:28:09","date_gmt":"2013-10-23T22:28:09","guid":{"rendered":"http:\/\/pierreroy.com\/?p=4526"},"modified":"2014-11-09T21:36:58","modified_gmt":"2014-11-10T02:36:58","slug":"how-to-declare-bankruptcy-the-bankruptcy-process","status":"publish","type":"post","link":"https:\/\/pierreroy.com\/en\/2013\/10\/how-to-declare-bankruptcy-the-bankruptcy-process\/","title":{"rendered":"How to Declare Bankruptcy: The Bankruptcy Process"},"content":{"rendered":"<p>If you are reading this article, it&#8217;s probably because you&#8217;re tired of being held by the throat by your debts. Are you looking to make a fresh start that will allow you to rebuild on solid grounds, <strong>without your creditors harassing you constantly<\/strong>?<!--more--><\/p>\n<p>Personal bankruptcy is the fastest and most efficient way to get rid of your debts. Bankruptcy is a legal mechanism provided by the Canadian Bankruptcy &amp; Insolvency Law that allows an honest but unfortunate consumer, to have <strong>a second chance<\/strong>.<\/p>\n<p>However, prior to declaring bankruptcy, it is important to consult the only professional in the field: a bankruptcy trustee. He will analyze your situation and guide you. If you can avoid bankruptcy, the trustee will tell you and explain your options.<\/p>\n<p>Here are the typical steps in a personal bankruptcy:<\/p>\n<h3>1. Consultation with a bankruptcy trustee<\/h3>\n<p>At first, we will study together your financial situation to determine:<\/p>\n<ul>\n<li>The amount of debt you owe,<\/li>\n<li>The nature of your debts (mortgage, credit cards, personal loans, etc.),<\/li>\n<li>Your budget (a comparison of your income and your expenses),<\/li>\n<li>Your obligations (payment of alimony, support a parent, etc.),<\/li>\n<li>Any other relevant information to your unique case.<\/li>\n<\/ul>\n<p>This important step will allow us to advise you and help you understand your options. The final decision is yours.<\/p>\n<h3>2. Declaration of bankruptcy<\/h3>\n<p>If you declare bankruptcy, the trustee will fill out and submit all required documents by the Office of the Superintendent of Bankruptcy Canada.<\/p>\n<p>Your bankruptcy will then be formalized and from that moment on, your creditors will no longer be allowed to contact you. We will represent you in front of them.<\/p>\n<h3>3. Progression of the bankruptcy<\/h3>\n<p>During your bankruptcy, several steps are to be taken. We will stand by you as your representative throughout the process.<\/p>\n<p>We will be called to liquidate some of your assets considered seizable. In some cases, no assets are seized.<\/p>\n<p>During your bankruptcy you will also be asked to participate in two free consultation sessions during which issues related to consumption, budgeting, credit and personal finance in general are discussed.<\/p>\n<p><a href=\"\/en\/personal-bankruptcy\/\">Click here for more information on the bankruptcy process in details.<\/a><\/p>\n<h3>4. Release<\/h3>\n<p>Once your bankruptcy is complete (after 9 to 21 months usually), you will get your official release.<\/p>\n<p>This release confirms that you are freed from your dischargeable debts. Non-dischargeable debts include recent student loans (if less than 7 years after graduation), fines, judgments and fraudulent debts.<\/p>\n<p>At this stage, it is now time to rebuild your credit, which has been affected. By following <a href=\"\/en\/2013\/08\/how-to-rebuild-your-credit-after-a-bankruptcy\/\">our advices<\/a>, it will be possible to do so quickly.<\/p>\n<h3><em>Where to start?<\/em><\/h3>\n<p><em>First, <a href=\"\/en\/free-consultation\/\">click here<\/a> to get an initial consultation without charge or obligation with a bankruptcy trustee. We offer a meeting near you in the next 48 hours.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are reading this article, it&#8217;s probably because you&#8217;re tired of being held by the throat by your debts. Are you looking to make a fresh start that will allow you to rebuild on solid grounds, without your creditors harassing you constantly?<\/p>\n","protected":false},"author":1,"featured_media":4525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[44],"tags":[],"class_list":["post-4526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-bankruptcy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Declare Bankruptcy: The Bankruptcy Process - Pierre Roy &amp; Associ\u00e9s<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pierreroy.com\/en\/2013\/10\/how-to-declare-bankruptcy-the-bankruptcy-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Declare Bankruptcy: The Bankruptcy Process - Pierre Roy &amp; Associ\u00e9s\" \/>\n<meta property=\"og:description\" content=\"If you are reading this article, it&#8217;s probably because you&#8217;re tired of being held by the throat by your debts. 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