|
How do you declare bankruptcy in Kitchener?
First, you must be insolvent, which means you owe more than $1,000, what you own is worth less than what you owe, and you are unable to pay your debts.
To declare bankruptcy in Kitchener means you are declaring that you are insolvent, and are unable to pay your debts.
Second, you have reviewed this website and considered all of your other options, such as debt consolidation, credit counselling, and a consumer proposal, and you have decided that your only logical option is to declare bankruptcy in Kitchener.
To declare bankruptcy, you require the assistance of a trustee in bankruptcy. You can find more information about trustees in our Bankruptcy Trustees Kitchener article. Your trustee will guide you through the process.
The process starts with an initial meeting with your trustee, or one of their senior staff members. (If your first meeting is with a clerk who does not appear to understand how to declare bankruptcy in Kitchener, you should find another trustee). At that first meeting your trustee will review your options, and answer all of your questions about how to declare bankruptcy.
Next you will be required to complete an information form to give the trustee the information necessary to complete all of the required paperwork.
Once the bankruptcy paperwork is prepared, your trustee will meet with you in their Kitchener office to sign the required forms so that you can declare bankruptcy.
Before you sign the papers the trustee will explain again the bankruptcy process, and make sure that you understand the process and have received answers to all of your questions.
The trustee will then go through each page with you, explain it to you, and then ask you to sign it.
The final page you sign is called an “assignment in bankruptcy”. Once you have signed your assignment in bankruptcy the “Declare Bankruptcy in Kitchener” process has been completed.
Your trustee will now file your bankruptcy with the government, as described in our article Filing Bankruptcy in Kitchener.
|
