It wasn’t an easy decision, but you finally realize that an assignment in bankruptcy is the only solution to deal with your debt. Now that you have made this decision, you want to start the process as quickly as possible to stop the telephone calls from collection agencies and garnishment of your wages.

Step 1

The first step is to make an appointment with a Licensed Insolvency Trustee to review your financial situation in detail and to review the bankruptcy process and potentially other solutions. The more information you bring to your first meeting (pay stubs; list of monthly expenses for rent, heat, food, etc.; documents to support RRSPs or other investments you may have; statements issued by your creditors; collection notices; and tax assessments), the easier it will be for the Insolvency Trustee to analyze your financial situation. The Trustee must have accurate information in order to prepare a Statement of Affairs that you will sign under oath and a Monthly Family Income and Expense Statement.

Step 2

Typically, a second appointment is scheduled for you to sign the bankruptcy documents. Once the documents are signed, then they are filed electronically with the Office of the Superintendent of Bankruptcy and a Certificate of Appointment is usually issued immediately. You are then bankrupt and protected from further enforcement proceedings by unsecured creditors.

The whole process from the time you contact Taylor Leibow to the actual signing of the documents can be completed in a couple of days. If there is a real-time pressure due to a pending garnishment or seizure, we could perform the initial assessment and document signing all in one day.

Contact us today if a bankruptcy would provide you with a fresh start from your debt.

By Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Member and Secretary of the Ontario Association of Insolvency and Restructuring Professionals (OAIRP)
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)