How to File Bankruptcy in Sherwood Park

Briefly, the steps are:

• Choose a Sherwood Park Bankruptcy Trustee such as Alger & Associates Inc.
  
  

• The Sherwood Park Bankruptcy Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses, and other pertinent information
  
  

• After you file bankruptcy, most creditors are no longer able to pursue you for collection of their accounts.
  
  

• You may be requested to attend a bankruptcy interview in Edmonton with the Official Receiver who is a government official.
  
  

• You will be required to attend two financial counselling sessions in Edmonton.
  
  

• If you have any assets which you will not be allowed to keep (see Will I Lose Everything?), you will be expected to help the Trustee sell them.
  
  

• You will report your income and expenses on a monthly basis to your Sherwood Park Bankruptcy Trustee. You may also be required to pay some money to the Sherwood Park Bankruptcy Trustee each month depending upon how much you earn, the size of your family and your circumstances.
  
  

• You will be automatically discharged from bankruptcy in 9 months if this is your first bankruptcy and there are no objections. You will have no further obligations for the debts covered in your bankruptcy.

Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements.

You should be aware that any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. This is called a petition in bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the petition is allowed, issues a receiving order which places you in bankruptcy with a trustee selected by the petitioning creditor.