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Phone: (604) 605-3335  Toll Free: (888) 850-6585

 

 

Boale, Wood and Company

Boale, Wood and Company

Licensed Insolvency Trustee

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Not completing a bankruptcy

January 8, 2013 by David Wood

What happens if I do not complete my bankruptcy or if I am not released from bankruptcy?

The whole idea of getting into bankruptcy, is to GET OUT of bankruptcy.

This is referred to as a discharge.

If you do not complete your duties as a bankrupt, you will not be released from bankruptcy.  In other words, it is imperative that you do all the things that you need to do to obtain a discharge.  If you do not receive a discharge, the Trustee will proceed to be discharged from your bankruptcy and your creditors may resume collection for full payment of their claims.  This means your creditors can again seize any assets in excess of your exemptions to satisfy their claims including garnishing your paycheque.  This is at cross purposes with the entire reason for going bankrupt.

To be able to take advantage of the process and obtain a fresh start.  If you have not received your discharge, it is imperative to communicate with your trustee to determine what is required to obtain a discharge.

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If you have something you’d like to Ask a Trustee, use this form to submit your question.

And follow @askatrustee on Twitter

Ask A Trustee,  Blog discharge,  incomplete

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We have offices located in Vancouver and Surrey.  We also provide services to residents and businesses in the Yukon Territory.

 

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