Bankruptcy Kitchener Blog by Scott Schaefer

For residents of Kitchener Waterloo, the bankruptcy process begins with the realization that you have more debt than you can handle, and you need a fresh start. To begin, you arrange a no-charge initial consultation with a licensed trustee in bankruptcy.

In Kitchener, Hoyes, Michalos & Associates Inc. has office hours from 8:00 am to 6:00 pm, and evening appointments can also be arranged many nights each week if required. Their Kitchener bankruptcy office is located at 607 King Street West, Suite 204 (just past Victoria, in the same plaza the LCBO and Zeke’s Restaurant).

At that initial consultation the trustee will review with you your income and expenses each month, and they will ask about your creditors (the people you owe money to) and your assets (what you own, like a house, car, or RRSP). Based on this information the trustee will explain all of your options, including debt consolidation, credit counseling, consumer proposals, and personal bankruptcy.

You will then take home an information package with more information. If you decide to file a personal bankruptcy, we will complete the package together.

A few days later you will meet with the trustee to sign your bankruptcy paperwork. As soon as the bankruptcy paperwork is signed, the trustee will electronically send your file to the Office of the Superintendent of Bankruptcy, a division of the federal government, and your bankruptcy officially begins.

The bankruptcy period lasts for a minimum of nine months to 21 months. (longer if you were previously bankrupt). You will provide the trustee ith the information required to file your taxes and make a payment each month. The payments are based on your monthly income, called surplus income.

As part of the fresh start, each month you will provide the trustee with a monthly budget and proof of your income (your pay stubs). Further, there are two credit counseling sessions to help move forward after bankruptcy.

Once these duties are completed, you are discharged from bankruptcy, which means that your debts are officially eliminated.

A note will remain on your credit report for six years from the date of your discharge, indicating that you were bankrupt.

For more information, and to set up your no-charge initital consultation, please contact Hoyes Michalos & Associates in Kitchener at 310-PLAN, or e-mail a question, and let’s get started.

2 Comments »