Bankruptcy in Yellowknife: Knowing the process

If debt is starting to majorly affect all aspects of your life, and your options for debt support seem slim, filing for bankruptcy in Yellowknife may be your best option. BDO understands that financial debt can happen to anyone, whether because of unexpected expenses or unforeseen circumstances. We offer professional, confidential debt help and information regarding bankruptcy, consumer proposals and more. Contact a BDO representative today about filing for bankruptcy in Yellowknife.

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What to expect during the bankruptcy process

When you are about to declare bankruptcy in Yellowknife, you should keep in mind that there are several steps involved. Here is an overview of some of the steps BDO will guide you through.

Arrange a complimentary meeting/appointment

Our representatives will begin by assessing your financial situation and gathering information on your income, outstanding debts and assets. Following this review, our representatives will have a better idea of your circumstances and help you make an informed decision about filing for bankruptcy in Yellowknife.

Creditors are notified

The trustee will notify your creditors. A meeting of creditors may be called, depending on the size of your bankruptcy or if your creditors call for a meeting. The main purpose of this meeting is to give your creditors a chance to learn the details of your situation and give directions to the trustee if they wish.

Credit counselling

When filing for bankruptcy in Yellowknife, you are obligated to attend two mandatory counselling sessions. Held at the trustees office, these sessions are designed to help you better understand the situation that cause debt, and the solutions you can use in the future to manage it.

Receiving your discharge

The trustee will prepare a report describing your actions during the bankruptcy and will recommend your “discharge” if you have performed all of your duties. Once you receive your discharge, this is the end of the process and you will be released from the debts that were included in your bankruptcy.

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stability  with  BDO  today!