What happens when I go bankrupt in Newfoundland?

Once you have met with a Newfoundland bankruptcy trustee and decided to go bankrupt, you will need to give the trustee the necessary information to start the bankruptcy. The trustee will prepare the necessary government forms for you and explain what happens when you go bankrupt in Newfoundland.

Once you have signed the paperwork, the trustee will file the documents with the Office of the Superintendent of Bankruptcy, a division of Industry Canada that monitors all bankruptcies in Canada. Within five days of filing, each of your creditors are notified that you have filed bankruptcy, and they are directed to the trustee to file their claim for the amount they are owed.

During the bankruptcy period you are required to do the following:

• Provide the trustee with your tax information to file your outstanding tax returns;

• Submit each month copies of your pay stubs and other income;

• Attend two credit counseling sessions to help with budgeting;

• Make the required contribution (payment) to your bankruptcy estate;

• Surrender any non-exempt assets;

• Complete any other duties requested by the trustee.

At the end of the bankruptcy period, you are discharged from bankruptcy, and your debts are discharged. Please contact a Newfoundland bankruptcy trustee for more information on what happens when you go bankrupt in Newfoundland.