An overview of the Canada bankruptcy process from selecting a bankruptcy trustee through discharge from bankruptcy in Canada.

1. Six Steps to Filing Bankruptcy in Canada

5. Step Three: Filing the Bankruptcy Paperwork There are two important papers to be filed: The Assignment Document: a legal document that states your desire to turn your assets over to the trustee for use in the payment of your debts. The Statement of Affairs: a legal description of all of your assets and debts. Before you sign either document, check them for accuracy . After they are signed, the papers are filed with the Official Receiver. When they are received, you are declared bankrupt. Once filed, these documents cannot be revoked without going to court.

7. Step Five: Credit Counselling Once you have filed for bankruptcy, you must attend two credit counselling sessions Session 1: Master good money management skills such as budgeting, the appropriate use of debt, and recognize common financial danger signs Session 2: Form a healthy financial plan that will allow you to emerge from bankruptcy with the ability to enact your budgetary goals