The decision to declare bankruptcy takes a great deal of serious thought and soul searching, the ramifications can last for years. Knowing this, the first step that anyone considering bankruptcy should take is to decide if it is the best debt management solution.

Before:

Before you take this irreversible step arrange to get an assessment of your financial situation from a bankruptcy trustee. This is the time to review your situation, find out what bankruptcy will cost you and the make an honest comparison to it and other debt management options.

If, after reviewing the options available, bankruptcy is considered the better option the trustee will ask you to gather information about your assets and your liabilities, this information is needed to file. This is not difficult; gather the bills that you have received during the month including any bills that are in electronic form. You will need RRSP, RESP and statements of any investments you have along with details of your tangible assets, a recent pay stub and a list of your monthly expenses. With this information the trustee files the application with the government and you are officially bankrupt.

During:

The bankruptcy period is usually uneventful. Although you will have to learn to live without credit cars at least you are free from making debt payments or juggling who will get what. You will no longer be nagged with incessant calls from your creditors, if you are bothered the trustee can deal with it on your behalf.

During the period of bankruptcy in Moncton NB, usually about nine months, you will have to submit certain things to the trustee including your monthly budget, your monthly payment, attend counseling sessions and give information needed to file your taxes. During this period the best thing is to keep the trustee fully informed and in the loop. If something changes, perhaps you take a new job; let the trustee in on it as soon as possible.

After:

Once you have gone through the process and completed everything that was asked of you will be officially discharged. As of this time you are debt free, all your debts have been eliminated and you have the opportunity to start fresh.

Never forget why you declared bankruptcy in Moncton NB, now that you are debt free, take steps to stay that way. You were introduced to money management skills during your debt counseling sessions; put everything that you were taught into practice.

Although declaring bankruptcy in Moncton NB is a major life decision, if you learn from it, it can be a worthwhile move. For more information you are invited to contact Powell Associates Ltd, insolvency consultants and trustees.