What info do I need to file bankruptcy

October 1, 2021

For a Licensed Insolvency Trustee (Bankruptcy Trustee) to evaluate your financial situation and the best option for you to deal with your debts, the Trustee will need the following information:

  • List of your debts; both unsecured and secured debts.

  • List of your assets; the Trustee needs these details to determine which assets are exempt from seizure in a bankruptcy or consumer proposal, exempt assets can vary between New Brunswick, Nova Scotia and Prince Edward Island.

  • Details of household income; the Trustee needs these details to calculate if you have surplus income, and what you would be required to pay in personal bankruptcy.

  • The number of people in your household, do you have a spouse and children?

  • If you have ever filed a personal bankruptcy before. How many times you have filed bankruptcy in the past impacts future bankruptcies.

 

You Have Options

In order to qualify to file a consumer proposal, you must have debts of less than $250,000, excluding the mortgage on your principal residence. If you are over this limit, there is another form of a proposal that can be filed.

When we review your individual situation, we will consider whether or not a consumer proposal (or another form of a proposal) makes sense for you and review the pros and cons of a proposal as compared to bankruptcy and other non-legislated options.

Good to know! The fact that you filed a Consumer Proposal will stay on your credit bureau report for 3 years after you have completed all of the terms of your Proposal.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

  • You won’t be stuck in an assembly line process.

  • You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

  • We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

  • We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.