What happens when I go bankrupt in Nova Scotia?

Once you have met with a Nova Scotia bankruptcy trustee and decided to file for bankruptcy, you must provide your trustee with information needed to start the bankruptcy. The trustee will prepare the necessary government forms for you and explain what happens when you go bankrupt in Nova Scotia.

Once you have signed the paperwork, the trustee will file the documents with the Office of the Superintendent of Bankruptcy, a division of Industry Canada that monitors all bankruptcies in Canada. Within five days of filing, your creditors are notified that you have filed bankruptcy, and are directed to the trustee to file their claim for the amount they are owed.

During the bankruptcy period you are required to do the following:

• Provide the trustee with your tax information to file your outstanding tax returns;

• Submit each month copies of your pay stubs and other income;

• Attend two credit counseling sessions to help with budgeting;

• Make the required contribution (payment) to your bankruptcy estate;

• Surrender any non-exempt assets;

• Complete any other duties requested by the trustee.

At the end of the bankruptcy period, you will be discharged from bankruptcy, and your debts will be discharged.

Please contact an Nova Scotia bankruptcy trustee for more information on what happens when you go bankrupt in Nova Scotia.