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File Bankruptcy in Winnipeg

You can file bankruptcy when you can no longer meet your financial obligations. Bankruptcy in Winnipeg or throughout Manitoba is a legal option that provides protection from your creditors immediately.

If you have never been bankrupt before, the process usually takes either nine or 21 months from the time you file your Assignment in Bankruptcy to when you receive your discharge from bankruptcy. If you are going bankrupt for a second time, this is extended to either 24 or 36 months. The minimum period depends on your actual monthly income and that of your household.

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Who can file for bankruptcy?

You are legally eligible to file for bankruptcy in Winnipeg (or make a consumer proposal) if you:

  • are not currently in a bankruptcy

  • have debts of at least $1,000

  • are unable to make your normal payments by their due dates; or

  • the amount of your debts are greater than the assets you would lose in a bankruptcy

The requirements above also apply to your company, partnership, or business.

Your Bankruptcy Trustee deals directly with your creditors to notify them that you have filed for bankruptcy. This will stop any wage garnishments that you have or collection calls that you may be receiving.

You should be aware that any of your unsecured creditors who are owed more than $1,000 are legally able to try and take you to court and force you in to bankruptcy. The court may agree with the creditor if it can be proven that you have committed what is called “an act of bankruptcy” such as not paying your bills on time. The court reviews the case and, if it agrees, issues an order which declares you to be bankrupt.

How do I proceed if I want to file bankruptcy in Winnipeg or elsewhere in Manitoba?

The first thing for you to do is to call us. Our Grant Thornton professionals are here to assist you through the entire process.

  • The Trustee works with you to prepare a Statement of Affairs. This document lists information pertinent to the bankruptcy, such as all of your debts and creditors, assets, income, and expenses

  • After you file bankruptcy, most creditors are required to stop pursuing you to collect their accounts

  • Your Trustee contacts your creditors directly to notify them about the bankruptcy. They are then normally required to stop any garnishment of wages or collection calls

  • You are required under insolvency law to attend two financial counselling sessions. These will likely be held by your Trustee

  • If you have any assets that you will lose in a bankruptcy, the Trustee will expect your assistance in selling them

  • The Trustee will require from you monthly reports on your income and expenses. Depending on how much you earn, the size of your family and other circumstances, you may also be required to pay some money each month towards the bankruptcy. This is known as a surplus income payment

  • If neither the creditors nor the Trustee object, you will be discharged from bankruptcy automatically in nine months if you have not been bankrupt before and your surplus payment is less than $100. Your discharge will be in 21 months if your surplus payments are $100 or greater. Once discharged, you will have no longer owe the debts covered in your bankruptcy

If you need debt help or are considering filing bankruptcy in Winnipeg or Manitoba, call us at 204-594-7160 or toll free in Manitoba at 1-866-941-6353 for a free, no obligation, confidential consultation.

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