Learn More About The Personal Bankruptcy Process In New Brunswick

by | Sep 9, 2016 | Bankruptcy

Most people don’t realize that personal bankruptcy in New Brunswick is a complicated and severe legal action. It’s nothing to go into lightly or without doing research, and you’ll need to consult with a trustee before going through with anything. Likewise, bankruptcies have to be filed by a licensed trustee. While it’s helpful to get as much information as possible, you may have particular questions that should be handled by professionals.

Are You Eligible?

Bankruptcies aren’t just handed to anyone. You must be a resident of Canada, be 18 years old or older, owe more than $1,000 and explore debt repayment options before you can be eligible. You may also be required to attend debt management programs to help you learn how to manage your finances better.

The Process

For most people, the process for personal bankruptcy in New Brunswick begins by finding a Trustee. They will look into your current situation, talk to you about debt repayment options and determine if this course of action is the best one for you. Your trustee must agree that this is the right move, or else you must find another administrator or find an alternative.

Once both parties agree, the trustee will work with you to fill in the paperwork and file your petition with the Office of the Superintendent.

Once you’ve filed and are officially into the personal bankruptcy in New Brunswick, you won’t have to talk to your creditors and can stop making payments to them. If disbursements are required, you can pay the trustee, who will pay creditors as necessary. Likewise, creditors cannot collect money from you or sue you.

You may be required to sell certain items to repay creditors, but asset exemptions can include clothing, primary homes, the primary vehicle, tools and more in some cases. Visit Powell Associates Ltd.

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