Courtenay Bankruptcy is an efficient and considerate way of paying your debt. It provides you with protection from creditor harassment, save assets and stops creditor collection actions. After completing the process, you will be given a fresh start financially and your credit will start to recover.
Step 1: Self-Assessment
Try to assess your financial status. Are you having trouble paying your mortgage or loan? Are your credit cards constantly near the limits? Are you using your credit cards to pay monthly bills? Have your creditors given your account to collection agencies? Or have you received a notice of legal action due to your debt?
Any combinations of the above assessments are signs that you are having a debt problem. Regrettably, these problems don’t go away, as a matter of fact, they even tend to get worse if not managed properly.
Step 2: Consultation with a Licensed Insolvency Trustee
Consult your problems to a professional. Talk to a debt professional like a Licensed Insolvency Trustee so you will know your options. If you have all the information through the LIT, you may not have to file for bankruptcy.
In selecting the right LIT, make sure to find these important qualities:
- Choose a local LIT – if you decide to move forward with a solution, you need to visit their office
- Interview the LIT – you should feel comfortable with them and feel understood
- Check if they are licensed by the Superintendent of Bankruptcy
After you have chosen your LIT, contact them and book a consultation. You must remember that you are not obliged to do anything after you meet with the LIT. But, they will require you to bring information about your financial predicament such as assets, expenses, debts and income.
During this meeting, the LIT will get a bigger picture of your circumstances. They will also talk to you about the suited debt solution option for you.
Step 3: Preparation
If the LIT will deem that your best option is bankruptcy, they will help you to complete a form that includes information like your name, address and date of birth, list of creditors and lists of assets. After completing the form, they will prepare all the paperwork, go over with you the whole bankruptcy process and then you’re ready for filing.
Step 4: Going Through the Bankruptcy Process
After filing, the following will happen:
- An immediate ‘stay of proceedings’ – creditors cannot take legal action against you
- Collections agencies cannot contact you anymore
- Most wage garnishments stop
- Your LIT will file any outstanding tax returns (up to the date of filing)
- You will complete a monthly income statement for the LIT
- You will attend 2 credit counseling sessions
- On your behalf, your LIT will deal with your unsecured creditors
Step 5: Discharge
In many cases, your bankruptcy file will be settled in nine months. Your Licensed Insolvency Trustee will talk to you regarding options to reestablish your credit score after your discharge.