0017 - Debt Related Queston: Bankruptcy Question # 0017

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QUESTION #0017:

I can’t continue payments in full to my creditors and need to file bankruptcy. What steps do I have to take to do this?



ANSWER:

Only a licensed Trustee’s office can file a bankruptcy or proposal: Step 1: Schedule a free consultation. An authorized individual will assess your situation and outline your options, and the consequences of all each option. An information package will be provided for you to take home. Step 2: Take the time needed to consider your options. Step 3: When you have made your decision, complete the forms provided at the consultation and return these to the Trustee’s office. Step 4: Within a week, return to sign-off the completed documents. You are now either bankrupt or have filed a proposal. In both types, a Stay of Proceeding comes into effect, which stops all collection action, including garnishments, by unsecured creditors.