When making decisions about filing for bankruptcy, it’s important to have all of the facts. Finding Canada bankruptcy information is easy-a quick search on the internet will yield hundreds of sites ready to give you advice. Accessing current and accurate information is another story. Bankruptcy laws are complicated and vary from province to province. By following a few simple guidelines, you can be assured that the information you are receiving is accurate and useful.
A Bankruptcy Primer
Bankruptcy laws are the result of the Bankruptcy and Insolvency Act (BIA) and provincial legislation. The BIA statutes cover most of the bankruptcy regulations. The provincial laws commonly regulate the assets you are allowed to keep.
Knowing where particular bankruptcy requirements originate helps you determine who to go to for advice and counsel. When seeking Canada bankruptcy information, choose a professional familiar with the bankruptcy laws pertinent to your province or territory.
The Office of Consumer Affairs offers some great tips on handling debt. The Office of the Superintendant of Bankruptcy offers important basic bankruptcy information.
Bankruptcy Trustees
Bankruptcy trustees are trained to advise individuals considering bankruptcy. As professionals, bankruptcy trustees have undergone rigorous training, lengthy periods of practice, and have passed certifying exams overseen by the Office of the Superintendent of Bankruptcy.
Bankruptcy trustees also are bound by a code that requires high ethical standards. Trustees represent your creditors as well, making this code of ethics an important guarantee for you.
Providing Accurate Financial Information
Once you have located Canada bankruptcy information, it’s important to gather data about your financial condition.
When seeking help or advice, be sure you come to consultations prepared with:
- Checking and savings balances
- Investment information
- Paystubs
- Retirement investment information
- The current balances for all debts
- All debts you are currently more than 10 days late on
- Information regarding liens or garnishments
An honest and frank discussion is essential. It may be possible to solve your financial troubles without resorting to a bankruptcy filing. If you do move forward with a bankruptcy filing, access to accurate figures is essential.
When You Can’t Find a Trustee
On some occasions, you may be unable to find a trustee to help you resolve your crisis or file for bankruptcy. A Bankruptcy Assistance Program exists under the direction of the Office of the Superintendant of Bankruptcy. To receive this service you must meet the following criteria:
- Attempt to receive help from at least 2 certified trustees
- Not be filing a business bankruptcy
- Not be incarcerated
If you meet the above stated requirements you can find further help through the Office of the Superintendant of Bankruptcy.
A Final Note
You may be surprised to learn that your creditors may be willing to help you resolve a problem with late payments or the inability to pay. By speaking with your creditors, they may be able to lower your monthly payment or increase the length of the loan.
Your banker may also be a source of help. He or she may be able to offer you a debt consolidation loan. Debt consolidation loans lower your total monthly payments by combining all of your debts and making it possible for you to make only one monthly payment to your banker.
Take advantage of the many sources of sound information regarding bankruptcy. The sooner you speak with someone about your debt crisis, the sooner they will be resolved and you can enjoy the peace that settled finances brings.