How to File For Personal Bankruptcy

Are you ready to file for bankruptcy, but aren’t sure where to start? We’re here to help. The first step is to get in touch with a Licensed Insolvency Trustee (LIT) and discuss your options. LITs are highly trained professionals, appointed and regulated by the federal government, acting as officers of the court. They have the legal authority to administer bankruptcies and other debt settlement arrangements.

Filing for bankruptcy can help if you’re struggling and overwhelmed with debt. Bankruptcy can help you eliminate significant financial stress and let you regain control of your finances. If you’re not sure if bankruptcy is an ideal option for you, contact Baker Tilly Ottawa Ltd. today for a free consultation to determine if it can help you.

Once you’ve discussed your options with a LIT at Baker Tilly Ottawa Ltd. and have decided to file for bankruptcy, you’re ready to start the filing process.

Here’s how it works:

• Based on your bankruptcy trustee’s advice, you will gather documents that provide proof of your assets, liabilities, income, and expenses.
• Our staff review your documentation, calling or emailing to get clarification and detail as needed. We then prepare a draft document detailing your bankruptcy.
• Once finalized, we review the documents with you. Once we’ve answered all your questions and addressed your concerns, it’s time for you to sign.
• The bankruptcy is then registered with the federal government. Once it’s registered, we immediately act to stop creditor collections, giving you peace of mind and freeing up cash flow. Interest also stops accruing on unsecured debts.
• We inform your creditors of your bankruptcy within a week of your declaration, as required by legislation.
• Your bankruptcy trustee then works with you to get you and your debts discharged from bankruptcy.

Once you’ve filed, you get immediate relief from all collection calls, and interest immediately stops building on your debts. But beyond that, bankruptcy gives you an opportunity to start fresh, financially speaking. Our bankruptcy trustees work with you to help you create effective money-management skills and habits, all while monitoring your income and expenses to determine appropriate fees for your trustee. Your bankruptcy length is typically determined by your income and whether or not you’ve been bankrupt before.

If you’re considering declaring bankruptcy, contact Baker Tilly Ottawa Ltd. today. Our friendly, professional staff will provide you a free consultation to help you determine your next steps.