Bankruptcy Step 2: Complete bankruptcy forms
- Introduction to bankruptcy in Canada
- Step 1 - Contact a trustee in bankruptcy
- Step 2 - Complete bankruptcy forms
- Step 3 - Trustee sells your assets
- Step 4 - Trustee notifies your creditors
- Step 5 - Creditors meetings if required...
- Step 6 - Examination by an officer of the OSB if required...
- Step 7 - You are required to attend two counselling sessions
- Step 8 - Trustee prepares your report to the OSB
- Step 9 - You attend a discharge hearing if required...
- Step 10 - You are discharged from bankruptcy
- The student loans hardship provision
Fill out forms with trustee
Step 2: Work with the trustee to complete the required forms. The trustee will then file the bankruptcy with the Office of the Superintendent of Bankruptcy.
The trustee will prepare the necessary documents and file them with the OSB. You will then formally be declared bankrupt. From that point on, the trustee will deal directly with your creditors.
Once you are bankrupt,
- you will stop making payments directly to your unsecured creditors;
- garnishments against your salary will stop; and
- lawsuits against you by your creditors will be stayed (stopped).
Basic list of information required by your trustee
Certain information is required by a trustee to file a proposal or a bankruptcy and the following information / documents will assist the assessment process.
- Birth Certificate/Citizenship Card/Passport (required for signup)
- Social Insurance Number - SIN
- Discharge/Proposal Completion Order/Certificates - Previously Bankrupt/Proponent
- All Credit Cards (even cards with no balance owing)
- Separation agreement or divorce agreement setting out terms of support
- Judgment and/or garnishee documents
- Mortgage documents
- Ownership and proof of insurance for all vehicles owned
- Appraisals (if obtained just previous to the appointment)
- Computer details (on separate page list make, model, age and programs of system)
- Insurance policies or last annual statement for policy
- Lease(s) agreements for all leased vehicles, equipment
- Loan documents, chattel mortgages, conditional sales contracts
- RRSP accounts/statements - current and redeemed previous year
- Other investments accounts (GIC, CSB, RESP)/bank statements
- Cooperative membership/patronage statements
- Creditor addresses and creditor account numbers
- Last completed income tax return and related assessment
- Most Current pay stub
- Last pay slip(s) from previous employer(s)
- Previous year income tax information/T4s, etc.
- Financial Statements and last filed T4 summary - if self employed
- Last filed GST return for self employed
