Bankruptcy. Red Deer residents will go to almost any lengths to avoid it. However, in many cases, it is the best option for getting rid of your debt and stopping the harassing phone calls and threats of collection activity. For your information, here are the seven steps you will need to take to file for bankruptcy in Red Deer:
1. Prepare a list of trustees to interview.
2. Schedule initial consultations with two or more trustees.
3. Complete a financial information form.
4. Meet with the trustee to review your information.
5. Trustee prepares the paperwork necessary for filing.
6. Meet with the trustee to sign the paperwork.
7. Trustee files the paperwork with the Office of the Superintendent of Bankruptcy (OSB).
First, you have to find a licensed trustee to handle your filing. The Bankruptcy and Insolvency Act (BIA) of Canada has established our bankruptcy laws and a filing requires the services of a trustee, licensed by the OSB. There are differences in bankruptcy filings across the Provinces so you will need to find a local Red Deer trustee, licensed in Alberta.
Before making the decision to declare bankruptcy, Red Deer residents need to know it is a long and difficult process so it is important to select a trustee with whom you are comfortable working. You will be working with this person until you are discharged from bankruptcy in anywhere from 9 months to 21 months, if this is your first bankruptcy filing.
Second, even though government regulations control the fees and commission trustees can charge and ensures all trustees are fully qualified, it is sound practice to meet with at least two trustees. Initial consultations are free of charge so you have nothing to lose by meeting with several trustees. You can build a prospect list using Internet local search.
Third, at your first meeting the trustee will give you a financial information form to complete. The trustee will also discuss bankruptcy alternatives with you. It is important you allow yourself the time needed to consider what you are doing before you make a decision. Take the form home and complete it. The same information will be needed even if you ultimately decide against declaring bankruptcy and go with another solution.
Fourth, you will meet again with the trustee to review your information for accuracy and completeness. Now it is decision time. You need to make up your mind and give the trustee permission to take the next step. The trustee will explain exactly what the bankruptcy will cost you and what you will need to do during the process.
Fifth, the trustee will prepare the paperwork necessary for filing your bankruptcy.
Sixth, it usually takes a trustee a few days to get the paperwork ready for your signature. Take this opportunity to think over your decision to file. At this point, you should know all you need to know about what bankruptcy will mean for you. You should also know what alternatives you have. Make sure you are fully satisfied that bankruptcy is your best choice before returning to the trustee’s office to sign the paperwork.
Seventh, the trustee will file the paperwork and the OSB will issue a “stay of proceedings.” This stay orders your creditors to stop any collection activities they had underway against you before your declared bankruptcy. Red Deer residents will be happy to know the stay also stops creditors from even making contact with you while you are in bankruptcy.
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