Bankruptcy is only one option to help a person with money problems get a fresh financial start. Personal bankruptcy can seem like an overwhelming process, however, if bankruptcy is the right solution for you, your Deloitte bankruptcy trustee will guide you through the process.
How to file for bankruptcy:
Step 1: Contact a Deloitte Trustee
A trustee is a person who is licensed by the federal government under the Bankruptcy and Insolvency Act.
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Step 2: Meet with a Deloitte Trustee
Attend a free and confidential meeting with a Deloitte trustee to talk about your personal situation and your options. A Deloitte bankruptcy trustee will work with you to fill in the official forms and prepare the necessary documents.
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Step 3: File an assignment in bankruptcy
Deloitte will file your documents with the Official Receiver, and you will formally be declared bankrupt. From this point on, the Deloitte advisor will deal directly with your creditors.
Income and expense form
Step 4: Attend two counselling sessions
In your first counselling session you will learn about money management, shopping habits, and money problem warning signs. Your second counselling session is designed to examine the causes of your bankruptcy and talk about how to regain control over your finances.
Step 5: Discharge
- First time bankrupts without surplus income are eligible for an automatic discharge after nine months
- First time bankrupts with surplus income are eligible for an automatic discharge after twenty-one months
- Second time bankrupts without surplus income are eligible for an automatic discharge after twenty-four months
- Second time bankrupts with surplus income are eligible for an automatic discharge after thirty-six months
Once you are discharged, you will be legally released from most of your debts.
The following debts are not discharged:
- certain student loans that are less than seven years old
- alimony, child or spousal support
- certain court fines or penalties
- debts you incurred due to fraudulent misrepresentation