The Basics of Bankruptcy in Woodstock

If financial debt has gotten out of control in your life and it seems additional and alternative options are not providing the solutions you need, filing for bankruptcy in Woodstock 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 Woodstock.

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Reclaim your financial freedom! Talk to your local BDO representative about bankruptcy in Woodstock and what we can do for you.

Bankruptcy Process: What you should expect

When declaring bankruptcy in Woodstock there are several steps involved in the process. Here is a brief overview of the bankruptcy process from BDO.

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The Trustee will review your financial situation and ask for information about your income, your assets and your outstanding debts. After reviewing your information the Trustee will discuss your options and confirm that filing for bankruptcy in Woodstock is the most appropriate solution.

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

You must attend two mandatory counselling sessions. Both of these sessions are held at the trustee’s office and are mandatory for the bankruptcy process. These counselling sessions will help you understand how to budget better and manage your finances.

Receiving your discharge

Our trustees will recommend your discharge after the necessary duties have been completed and a report has been finalized summarizing your actions and the bankruptcy process. When you have received your discharge, the process will be closed and your debts erased (as included in your bankruptcy).

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