There are a number of duties that you should do while in bankruptcy.
As soon as you start your bankruptcy, you must give your trustee:
All credit cards.
Meeting of creditors
You must attend the meeting of creditors, if one of them is carried out. At this meeting, creditors will have the opportunity to ask questions about your bankruptcy. However, most personal bankruptcies are held without being present creditors.
A meeting of creditors is carried out at the request of the Superintendent of Bankruptcy or creditors with a total of at least 25% of their established claims. These meetings are normally held in the office of president.
You must give the administrator of your T-4 and any other information needed to complete tax returns outstanding at the date of bankruptcy.
When you file for bankruptcy, the day file is treated as the end of its fiscal year, so that in the year of bankruptcy you really have to present two different statements.
Any income tax debt will be included in your bankruptcy, but you may have to pay separately. Any refund you are entitled to an asset manager to come to your creditors.
Each month, you must report your income and expenses and any change in family status to your trustee, together with copies of pay stubs. Your administrator will provide appropriate forms to fill in order to provide him or her with this information.
Of their income and expenses, the administrator determines whether its net income was higher than the limit allowed by law for you to live. If you have any “excess income” will be required to make a payment each month to the trustee. Most wins in a bankruptcy, more is required to contribute to its heritage for the benefit of its creditors.
For most people are reporting monthly income required for most tasks. However, the monthly income and expense reports over the collapse is very useful for most people, because now keep track of money coming into the home and how they spend and when.
To be eligible for an “automatic nine month discharge” must take two credit counseling sessions. Counselling can be one-on-one with you and your manager, or if you prefer, you can be in a group of other bankrupts and their commissioner.
The counseling session should be between 10 and 60 following the start of the bankruptcy, the second counseling session be held no later than 210 days after the date of bankruptcy. The cost of each individual counseling session is $ 85, plus VAT.
This credit counseling is designed to teach good budgeting and money management, so they are less likely to have financial problems in the future. Each session is approximately one hour and analyzed the budget and the causes of financial difficulties.
Experience shows that credit counseling enhances their income and expenditure reports, which gives better control of their finances.
You must inform the administrator as to where you live.
You must respond to requests from the administrator, help him or her when necessary and provide all information requested.
If you borrow more than $ 500, you must tell the lender you are bankrupt.
There may be a director of a company.
It is essential to perform these tasks in a timely manner, so that bankruptcy may be completed as soon as possible. For example, if you miss a payment to your manager, your discharge date was postponed. The sooner you get your discharge, the sooner you will be able to rebuild your credit and live life normally.
As seen above, what to do during the bankruptcy is designed in part to help better manage your money. If you’re ready to put its financial problems behind you, please contact us.