Duties of the Bankrupt

Section 158 of The Bankruptcy & Insolvency Act

Note: Entire Bankruptcy & Insolvency Act can be found at http://laws-lois.justice.gc.ca/eng/acts/b-3/ 

 

The duties that are put on you are quite simple and can be summed up as follows:

1. Tell the truth and answer all questions fully and accurately;

2. Make a list of all of the property that you own (vehicles, life insurance, RRSPs, land, lawsuits, etc.) and provide us with documentation on the property (statements, registration, tax notices, etc.);

3. Make a list of your creditors and the amount of money that you owe to each on, and provide addresses for unique creditors (friends, family members, etc.);

4. If we ask for more information on something or for your assistance, provide it;

5. Tell us about anything that you have sold, redeemed, cashed in or given away in the past 12 months (car trade in, RRSP or TFSA redemption, garage sales, etc.);

6. Tell us about anything that has been sold, redeemed, cashed in or given away in the past 5 months (car trade in, RRSP or TFSA redemption, home sales, etc.);

7. If there is a Meeting of Creditors you need to attend it;

8. If the government wants to meet with you, you will need to go to attend that meeting too;

9. Attend two financial counselling sessions;

10. Let us know of any material change in your financial situation (report your income and expenses and provide verification as needed);

11. Keep us updated on your current telephone number, mailing address and email address until we close your bankruptcy estate (usually within 12 months of your discharge date);

12. Give us your credit cards;

13. Live on a credit free cash diet until you are discharged (but if you are going to borrow money over $1,000, let the person know that you are in bankruptcy).

 

 

 

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