Understanding the Basics of Bankruptcy in Owen Sound

If debt is starting to majorly affect all aspects of your life, and your options for debt support seem slim, filing for bankruptcy in Owen Sound may be your best option. BDO understands that financial debt can happen to anyone, whether because of unexpected expenses or unforeseen circumstances. This is why we offer quality, professional, confidential debt solutions and insight regarding the options of bankruptcy, consumer proposal and more. Contact us today to talk with a BDO representative about filing for bankruptcy in Owen Sound.

Call BDO today for advice and information on bankruptcy in Owen Sound.

Become debt free today.

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

Bankruptcy in Owen Sound

There are several major steps involved in the process when declaring bankruptcy in Owen Sound. Listed is a brief overview of the process from BDO.

Make a complimentary appointment

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 Owen Sound is the most appropriate.

Creditors are notified

Your trustee will send a notice to all of your creditors, advising them that you are no longer able to make payments to them. The creditors will then have 45 days to consider the offer. During this time you do not have to make any payments to your creditors.

Credit counselling

When filing for bankruptcy in Owen Sound, 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

Our trustees will prepare a report outlining your actions during the bankruptcy process and will recommend your “discharge” if you have completed and performed all your duties. When you have received your discharge, this will complete the process for filing for bankruptcy in Owen Sound and the debts that were included in the bankruptcy process will be lifted.

Get on the road to financial
stability  with  BDO  today!