What happens when I go bankrupt in British Columbia?

Once you have met with a British Columbia bankruptcy trustee and decided to file for bankruptcy, you must provide the trustee with the needed information to start the bankruptcy. The trustee will prepare the necessary government forms for you and explain what happens when you go bankrupt in British Columbia.

Once you have signed the paperwork, the trustee will file the documents with the Office of the Superintendent of Bankruptcy, a division of Industry Canada that monitors all bankruptcies in Canada. Within five days of filing, all of your creditors are notified that you have filed for bankruptcy. They will be directed to the trustee to file their claim for the amount they are owed.

During the bankruptcy period you are required to do the following:

• Provide the trustee with your tax information to file your outstanding tax returns;

• Submit each month copies of your pay stubs and other income;

• Attend two credit counseling sessions to help with budgeting;

• Make the required contribution (payment) to your bankruptcy estate;

• Surrender any non-exempt assets;

• Complete any other duties required by the trustee.

At the end of the bankruptcy period, you are discharged from bankruptcy, and most of your debts are discharged. Please contact a British Columbia bankruptcy trustee for more information on what happens when you go bankrupt in British Columbia.