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Declaring Bankruptcy doesn’t have to be a negative experience. At J. Campbell & Associates Ltd, we see filing for bankruptcy as a new beginning. We know that an endless list of circumstances can lead to unmanageable debt, whether is an unexpected change in market conditions, sudden job loss, serious illness or accident, or simply, debt caused by the challenges of making ends meet, compounded over time. Regardless of the reason, you are not alone. Millions of people and companies choose to file for bankruptcy as their debt-relief solution every year and bounce back even stronger than before. Break free from the oppressive confines of unmanageable debt with a bankruptcy solution for your personal or corporate debt. We can help.

Personal bankruptcy is a legal process that provides an individual (debtor) with financial relief from their creditors. This relief comes in the form of a ‘stay of proceedings’ against your creditors. The stay of proceedings will stop most garnishments (excluding family support obligations), creditor calls and other legal remedies that a creditor may use against you in order to collect on a debt.

During the bankruptcy, you will have certain duties that must be completed. These duties include reporting your income, attending two credit counselling sessions, providing income tax information to the Trustee so that the Trustee can complete specialized tax returns, and assisting the Trustee with realizing on certain assets. This isn’t an exhaustive list but includes some of the more typical duties that must be completed. Provided that you have completed your duties, you will be eligible for a discharge.

A discharge is either issued by the Trustee or by the Court, releasing the debtor from most of their debt obligations (certain debts may survive) and promote a fresh financial start. It is important to know that any interested party can oppose your discharge.

What happens to my creditors?

While a creditor’s rights against you are put on hold, creditors do have a right to participate in the bankruptcy process itself. These rights include filing paperwork with the Trustee in order to receive payments from the bankruptcy (known as dividends); requesting information regarding your financial affairs; requesting information on your conduct prior to the bankruptcy; and requesting the court to grant a discharge conditional upon additional payments or for your discharge to be suspended for a period time.

Bankruptcy may not be right for you. Explore a bankruptcy alternative that offers similar benefits.

Call an adviser on 1 (647) 288-5153 for free support.