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Filing bankruptcy in Kitchener is the process where the trustee takes the bankruptcy paperwork you have signed and submits it to the government.
In Kitchener, Ontario and throughout Canada all bankruptcies are filed with the Office of the Superintendent of Bankruptcy, a division of the federal government. The Office of the Superintendent of Bankruptcy acts as the regulator of all bankruptcies to ensure that all rules are followed, and that everyone is treated fairly.
Why is Filing the Bankruptcy Paperwork so Important in Kitchener?
It is essential that the bankruptcy paperwork is filed with the government, because the filing of the bankruptcy is what officially starts the bankruptcy process.
As soon as the government accepts the filing, the bankruptcy starts, and more importantly your creditors (the people you owe money to) are prevented from taking you to court, garnisheeing your wages, or even calling you at home or at work.
The legal term for this is “stay”, meaning the creditors must “stay away” from taking legal action against you. This stay comes into effect upon the filing of the bankruptcy paperwork.
Since the stay does not begin until the filing, it is critical that the process happens as efficiently as possible.
If you are filing bankruptcy in Kitchener, only deal with a trustee that files bankruptcies electronically. By filing the bankruptcy electronically, it is accepted immediately, and the protection you get from creditors starts immediately.
(It is a little known fact that the first bankruptcy filed electronically in Canada was filed in Kitchener, Ontario by Hoyes, Michalos & Associates Inc. who are now very familiar with the process of filing bankruptcy electronically in Kitchener).
One of the most common questions trustees are asked is “What does it cost to declare bankruptcy in Kitchener?” The answer can be found in our article called Bankruptcy Kitchener Cost.
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