Summary administration bankruptcy, there is no notice in the newspaper and no automatic meeting of creditors. Ordinary administration bankruptcy, there is a mandatory meeting of creditors and there is also a requirement for the Trustee to publish a notice of the bankruptcy in the newspaper.
Category: Personal Bankruptcy
Why Would My Trustee Oppose My Bankruptcy Discharge
Your Trustee is required to oppose your discharge if you do not complete specific duties or tasks: complete both mandatory counselling sessions, report you monthly income to the Trustee, sessions, make all agreed upon payments, including voluntary, surplus income, and equity payments. These are only some of the duties that you must complete.
Personal Bankruptcy in 12 Steps
Recognize the Problem, often the most challenging step as it requires that you admit that you are having financial troubles beyond your control and need help. Contact a Licensed Insolvency Trustee, the Trustee will provide a free confidential consultation and review your financial situation and discuss your options.
Filing Your Income Tax Return After Bankruptcy
As part of the bankruptcy process, your Licensed Insolvency Trustee is required to file your income tax return for the year of bankruptcy and any returns that came due during the calendar year prior to bankruptcy. Any tax refunds for either of these periods will come directly to your bankruptcy estate for the benefit of the unsecured creditors.
March 2016 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 1.1% and consumer proposal filings were up 8.1% as compared to the 12-months ended March 31, 2015.
New Brunswick – Personal bankruptcies were down 5.6% and consumer proposal filings were up 16.3% as compared to the 12-months ended March 31, 2015.
Struggling With Debt Tackle Your Finances Head On
Hiding from the reality of your financial situation will do nothing to improve it. People have a pre-disposition to hide from the truth, particularly when the truth is ugly. Unfortunately, we see this every day.
What Happens If I Win The Lottery While Bankrupt?
If you win the lottery during your personal bankruptcy, before you are discharged, the lottery winnings are considered “after-acquired property” and forms part of your bankruptcy. After-acquired property can be seized by your Trustee in Bankruptcy for the benefit of your unsecured creditors.
2016 Surplus Income Standards
When an individual files for personal bankruptcy the trustee will calculate whether or not he will be required to make surplus income payments based on his net household income.
What Are My Duties In Bankruptcy?
There are several duties that an individual must complete as part of a personal bankruptcy to be eligible to be discharged from bankruptcy. These duties include, but are not limited to; completing two counselling sessions, report your monthly income to the Trustee, assist the Trustee with file your income tax return for the year of bankruptcy.
What Is A Stay of Proceedings?
A stay of proceedings basically means that creditors must cease all collection or legal proceedings against the debtor, including wage garnishments. The purpose of the stay is to protect the assets of the bankrupt so the Trustee or Proposal Administrator can deal with them in an orderly fashion.