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By: Adriana Noton
If you have bills piling up and are in danger of losing your home, filing for bankruptcy is an alternative. With the help of a professional, you can choose the course of action that will better fit your individual situation. If you are trying to get your debts discharged so that you can make a fresh start, there are some things to consider.

When filing bankruptcy, the same basic steps will need to be made. The Bankruptcy and Insolvency Act decrees that your property will be given to a trustee who will oversee the sale of your property and the distribution of the assets. This process prevents any creditors from trying to garnish your wages or seize any assets.

When filing for bankruptcy, the trustee will ask you to look over several forms and sign them. The first form is called the Assignment and states that you are giving your assets to the trustee and allowing him to sell and distribute the proceeds. The second form, the Statement of Affairs, lists all of your debts, your assets, income, and expenses and asks several questions about your dependents and employment.

Creditors will then be notified of the proceedings and given a chance to respond. Face-to-face meetings are usually not required. The creditors are allowed to vote on whether or not the liquidation should be allowed. They are also allowed to ask for separate inspections of the creditor's assets.

You cannot be discharged from certain debts such as alimony, child support, or student loans less than seven years old. Your appointed trustee will question you on what specific debts you have to discover which ones are dischargeable and which ones are not. Insolvency York region trustees do have options for the ones that are not dischargeable.

Bankruptcy has three different time limits as to when you will be discharged. Surplus income, which is having $200 or more excess income per month, will extend the state an additional 12 months. If you have no surplus income, the first will end in 9 months. The other will be discharged in 24 months. Third bankruptcies have no automatic end and each case will have to be reviewed by the courts.

If any creditor opposes a discharge of the debt you owe, a hearing in court will determine the outcome. The judge will decide whether you will have to pay an additional amount each month to your creditors or whether your liquidation will be extended beyond the normal time. The insolvency debts that may be disputed are gambling debts or debts not paid when you had surplus income.

An automatic discharge of bankruptcy means that that you fulfilled all of your requirements and that no protests from creditors has been filed. An Order of Absolute Discharge from the courts frees you from all debts before your insolvency. An Order of Conditional Discharge means that your liquidation will not be discharged until an additional amount is paid to the creditors. An Order of Suspended liquidation discharge means you will not be released from your insolvency until an investigation has been done for certain reasons, such as criminal activity on your part or that you failed to fulfill your duties to the process.


If you have been searching far and wide for Bankruptcy Durham region alternatives that fit your particular lifestyle and situation, then a visit to Killen Landau & Associates is a must.
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