Let the Licensed Insolvency Counsellors at Groupe Serpone Help You See the Situation More Clearly
When a person declares bankruptcy, no creditor may initiate legal proceedings against the bankrupt (except with leave by the court). The person who went bankrupt must stop paying all creditors. No creditor may harass a bankrupt at home or at work. They cannot ask them to make a payment or make an arrangement, even after bankruptcy. Creditors cannot seize the assets of the bankrupt (eg. bank account or salary).
Following the bankruptcy, the trustee mails documents to creditors and the bankrupt outlining the income and expenses of the bankrupt:
- Money that the bankrupt must pay to the bankruptcy estate
- The approximate amount owed to each creditor
- All assets of the bankrupt
For more information on negotiating with creditors and to best extricate yourself from this delicate situation, call Groupe Serpone today!