Bankruptcy and Consumer Proposals in Alberta – What information is Needed?

Bankruptcy or the filing of a consumer proposal may be considered, by many Albertans, to be the last resort for financially distressed individuals. The steps involved though are quite straightforward. The first step in the process is contacting a Licensed Insolvency Trustee (“LIT”) in order to review your specific situation with them and develop a plan to deal with the debts.

In order to have a meaningful discussion with the LIT, you should gather up the following most common information, such as:

1.  A list of your assets, including but not limited to:

• Your real property such as your home, rental property, cottage or vacant land, if you own any property

• Registrations for any vehicles that you own, including automobiles and motorcycles

• Registrations for any recreational vehicles such as trailers, campers, ATV’s and boats

• Copies of any recent statements for any investments such as stocks, bonds, mutual funds, showing the account numbers and balances in the accounts

• Recent statements of account for any RRSP, RSP, RESP, RDSP, TSFA accounts showing account number and balances in the accounts

• Any tools of trade used to earn income

• Copy of life insurance policies showing designated beneficiaries

2.  A list of your liabilities (debts), such as

• Credit cards

• Lines of credit

• Mortgages

• Loans secured by assets, such as a vehicle loan

• Payday loans

• Other loans

• Arrears of spousal or child support

• Unpaid income taxes on income

• Unpaid GST or Source deductions

• Unpaid property taxes and utilities

3.  Other information

• Copy of your most recent notice of assessment from the Canada Revenue Agency

• Two recent pay stubs as an indication of your income

• Recent bank statement showing pension income being received

While the foregoing is not meant to be an exhaustive list of the information you may need to provide, it will give you enough information to commence the conversation with the LIT.  As you go through your consultation with the LIT additional items may come to light that will require the provision of further documents to be provided.

If you have any questions about filing for bankruptcy or a consumer proposal, you may contact one of our local offices for a free consultation with our Licensed Insolvency Trustee. To schedule your free consultation, visit www.correctthedebts.com or call 403-836-6690.