If you are drowning in debt, you are not alone. In today's economy many people find themselves struggling with debt daily as they live paycheck to paycheck. However, the worst thing you could do is ignore your debt. By taking the proper steps when filing for bankruptcy, though it may take time and patience, you can find your way out of debt and back living a happy and financially stable life.
The first thing that you need to do is visit a bankruptcy counselor. You can find a bankruptcy counselor in Ontario through the Office of the Superintendent of Bankruptcy. Depending on your specific situation the counselor may offer you a series of options, even avoiding filing for bankruptcy all together. Consider all of these options and discuss the pros and cons of each scenario. The counselor will be able to advise you on how each scenario will impact your long term financial future.
If you are unable to reach a compromise with your creditors, your only option may be bankruptcy. If you initiate bankruptcy yourself, you ultimately have more control over the situation than if you were forced to file for bankruptcy. Once you declare bankruptcy your credits will no longer be able to hassle you. Remember, in Ontario your house, car and whatever tools you use for your business as well as your retirement funds are all excluded from bankruptcy. These things will not be able to be taken from you.
Now that you've filed for bankruptcy you will need to present all records of your assets to an Ontario bankruptcy trustee who will proceed to distribute them to your creditors. If your financial situation changes during the bankruptcy process you are required to share this information with your trustee.
In Ontario, you are required to attend two sessions of financial counseling. One will be within two months of filing for bankruptcy and the other will be scheduled for several months later. The purpose of these sessions is to ensure that you avoid bankruptcy all together in the future.
Once the paperwork is complete and your end of process is through, you will need to wait about nine months for your creditors to view the information provided to them by your trustee. Once this goes through, you will receive a certificate stating that your debt is gone.
Though there are many other situations that can occur depending on your individual circumstances, taking these basic steps will help you overcome your debilitating debt in a clear and organized fashion. Working through the proper people will allow you to better your chances of getting the best from a bad situation. If you are facing bankruptcy, do not despair. Speak with a professional counselor about your situation and see if there are ways you can avoid bankruptcy. If not, face it in the most organized and professional way possible and take the required financial counseling sessions seriously so that you do not find yourself in a similar situation again.
The first thing that you need to do is visit a bankruptcy counselor. You can find a bankruptcy counselor in Ontario through the Office of the Superintendent of Bankruptcy. Depending on your specific situation the counselor may offer you a series of options, even avoiding filing for bankruptcy all together. Consider all of these options and discuss the pros and cons of each scenario. The counselor will be able to advise you on how each scenario will impact your long term financial future.
If you are unable to reach a compromise with your creditors, your only option may be bankruptcy. If you initiate bankruptcy yourself, you ultimately have more control over the situation than if you were forced to file for bankruptcy. Once you declare bankruptcy your credits will no longer be able to hassle you. Remember, in Ontario your house, car and whatever tools you use for your business as well as your retirement funds are all excluded from bankruptcy. These things will not be able to be taken from you.
Now that you've filed for bankruptcy you will need to present all records of your assets to an Ontario bankruptcy trustee who will proceed to distribute them to your creditors. If your financial situation changes during the bankruptcy process you are required to share this information with your trustee.
In Ontario, you are required to attend two sessions of financial counseling. One will be within two months of filing for bankruptcy and the other will be scheduled for several months later. The purpose of these sessions is to ensure that you avoid bankruptcy all together in the future.
Once the paperwork is complete and your end of process is through, you will need to wait about nine months for your creditors to view the information provided to them by your trustee. Once this goes through, you will receive a certificate stating that your debt is gone.
Though there are many other situations that can occur depending on your individual circumstances, taking these basic steps will help you overcome your debilitating debt in a clear and organized fashion. Working through the proper people will allow you to better your chances of getting the best from a bad situation. If you are facing bankruptcy, do not despair. Speak with a professional counselor about your situation and see if there are ways you can avoid bankruptcy. If not, face it in the most organized and professional way possible and take the required financial counseling sessions seriously so that you do not find yourself in a similar situation again.