Credit counseling organizations may not charge an extra fee for the certificate. A debtor education course by an approved provider should include information on developing a budget, managing money, and using credit wisely.
Like pre-filing counseling, debtor education can take place in person, on the phone, or online. Once you have completed the required debtor education course, you should receive a certificate as proof. This certificate is separate from the certificate you received after completing your pre-filing credit counseling. Once you have the list of approved organizations, call several to gather information before you pick one. Some key questions to ask are:. The U. The Program has 21 regions and 95 field offices, and oversees the administration of bankruptcy in all states except Alabama and North Carolina.
For more information, visit the U. Trustee Program.
If you have concerns about approved credit counseling agencies or debtor education course providers, contact the U. Include as much detail as you can, including the name of the credit counseling organization or debtor education course provider, the date of contact, and who you talked to. Federal Trade Commission Consumer Information. Search form Search. Filing for Bankruptcy: What to Know.
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Debt Relief or Bankruptcy? Read on to learn how to file bankruptcy in Canada. Every individual situation is different, but the following signs are typical of money problems that warn you to take action:. If you are feeling the pressure from debt, your first step is to make a commitment to explore your debt relief options. Licensed Insolvency Trustees are the only people licensed by the Canadian Superintendent of Bankruptcy to administer consumer proposals and bankruptcies.
Chapter 7 Bankruptcy
In order to declare bankruptcy or file a consumer proposal vou must work with a Licensed Insolvency Trustee. Your trustee will provide information about consumer proposals, the process for filing bankruptcy, and about other debt relief options.
Also, during the bankruptcy or proposal process your trustee will ensure your rights are respected. Here on Bankruptcy-Canada you can find and connect with one of the top Licensed Insolvency Trustees that is local to you.
We list only Trustees who have shown a long standing ability to help people find debt relief. You will be asked to bring some specific details of your financial situation, including your income and expenses, assets and debts. At your first meeting, your trustee will review your financial details, and outline the alternatives to bankruptcy that could be chosen in your case, ranging from debt consolidation through consumer proposals and including the bankruptcy process. Your trustee will provide you with information and advice on each which is best for you but the decision will remain in your hands and you will have as much time as you need.
Bankruptcy: How it Works, Types & Consequences | Experian
In order to file the bankruptcy paperwork your trustee will need:. After your trustee has your information, they will prepare the initial paperwork and review the bankruptcy process with you again. When you are ready, you sign the papers and your bankruptcy starts. This means that unsecured creditors cannot begin or continue lawsuits, wage garnishees, or even contact you to request payment.
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Within five days of the bankruptcy starting the trustee will send a copy of the bankruptcy paperwork to creditors, so they can file a claim. The trustee will file outstanding tax returns up to the date of bankruptcy.
Any outstanding taxes or penalties owed CRA will be included. You will have certain obligations that you will have to fulfill including a monthly income statement and attending credit counselling sessions.