The Bankruptcy Process in Manitoba

You may have heard that bankruptcy is one way to get out of debt when you’ve lost control of your bills.

But, if you’re considering filing bankruptcy in Manitoba, you may have questions. And that’s good. It isn’t a decision to rush into.

Bankruptcy is a court-supervised process that, in most cases, eliminates your unsecured debt, including financial obligations that have no property attached – things like your credit cards and utility bills.

It’s designed for people who are unable to repay the money they owe.

In order to declare bankruptcy, you have to work with a Licensed Insolvency Trustee – like the ones at LCTaylor.

The Office of the Superintendent of Bankruptcy – or OSB – licenses and regulates the profession to make sure that the rights of all parties – including yours – are respected.

Let’s take a look at the five basic steps:

 Step 1: Meet With A Trustee

The first thing you’ll do is meet with a Trustee. The Trustee’s job is to review your situation and help you explore all of your options – including bankruptcy.

 Step 2: Prepare Paperwork

Next, if you’ve decided that Bankruptcy is your best option, the Trustee, with your input, will draft the necessary paperwork.

Remember, bankruptcy only goes forward when you sign the documents. It’s your decision.

Step 3: File Paperwork

Once the documents are signed, the Trustee files the paperwork and your creditors are notified. At this point, all collection activity and wage garnishment stops. And you can breathe a little easier.

 Step 4: Fulfill Bankruptcy Duties

There are some things you’re responsible for doing during bankruptcy.

For example, you’ll submit monthly income and expense statements. Keeping track of your income and expenses is an important first step in regaining your financial fitness.

You’ll also attend two financial counselling sessions to help you stay on course.

Your Trustee will explain these, and any other responsibilities, in greater detail before you declare bankruptcy.

 Step 5: Discharge Bankruptcy

So your next question might be: How long does bankruptcy last?

For a first time bankruptcy, you could receive what’s called an automatic discharge in as little as nine months. That means you don’t have to file more paperwork or appear in court.

Bankruptcy may not be the right option for everyone, but, for many, it can provide a clear path forward when there wasn’t one before.

To discover if bankruptcy is right for you, start by calling LCTaylor, Licensed Insolvency Trustee. We have been helping people just like you for over 25 years, and we can help you make an informed decision.

Call LCTaylor now for a free financial consultation. Your debt rescue starts here.

Jillian Taylor-Mancusi, LIT

Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a Read More Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). She is Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP).Jillian has held positions on the Armstrong Point Association, Executive of her local EDA Riding Association, Manitoba Highland Dance Association, and the Continuing Education Committee of CAIRP. Previously, Jillian was the Treasurer for the Parent Association at her daughter’s school. Currently, Jillian serves as the Chair for Dressage Winnipeg. Close