The steps involved in bankruptcy
It’s not easy to declare bankruptcy. But you’re not alone. Your Raymond Chabot counsellor is here to guide and support you through the process, one step at a time.
The first meeting
You’ll meet your counsellor in financial recovery. Together, you’ll assess your financial situation and explore your options. After signing a few documents, you’ll be on your way to financial recovery.
Your Licensed Insolvency Trustee will file all the documents required to start the consumer proposal process. From then on, they’ll handle your creditors. As soon as you get started, you’ll be on your way to peace of mind.
Notice to creditors
The Licensed Insolvency Trustee will let your creditors know that you’re filing a consumer proposal. Your creditors will now communicate directly with them. No more calls, emails or letters from your creditors! This step takes place one to five days after your first meeting.
Your first consultation
To put you on track to good financial health, your counsellor will help you take stock of your financial habits. The goal of this meeting isn’t to criticize you—far from it! It’s to give you tools so you won’t have to go through the insolvency process again. This meeting will take place in the first two months of the process.
Your second consultation
At this second meeting with your counsellor, you can get other advice that will help you plan your future by better planning your budget, to help you avoid going back into debt.
Once all scheduled payments have been made, the Licensed Insolvency Trustee will issue a certificate releasing you from your debts. Now you can start fresh!
Regain control on your finances
Put a stop to your money problems and stress. Our counsellors are here to help find the best solution for you. Consultation is free and confidential.
Other solutions that can help
Refusing an insolvent succession
Don’t inherit debt with a succession. We’ll take care of creditors.
Combine all your debt into one for a straightforward solution to your money problems.