Know the fundamentals of bankruptcy in Ottawa

When your debt becomes insurmountable, and forms of counselling and debt solutions seem oblique, you may have no other alternative than to file for bankruptcy in Ottawa. At BDO, we recognize there are multiple factors that can lead to financial troubles, whether loss of employment or unperceived situations; we understand. We offer you professional debt solutions regarding bankruptcy, consumer proposals and more. Contact BDO to speak with one of our representatives about bankruptcy in Ottawa.

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Break free from debt today

Become financially free today! Contact your local BDO trustee about filing for bankruptcy in Ottawa and see how we can help you.

What to expect during the bankruptcy process

When you are about to declare bankruptcy in Ottawa, 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.

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Your trustee will review and look over your financial situation and will require information on your income, outstanding debts and assets. After reviewing all your necessary information, we will discuss your alternative options and decide if filing for bankruptcy in Ottawa is the most appropriate.

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

As part of your duties, you are obligated to attend two counselling sessions. These sessions are directed to help you understand the leading factors that caused your bankruptcy, providing insight so that you can better handle these situations down the road.

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!