A: In order to be assigned voluntarily into bankruptcy, you should hire a trustee to file an application with the court. This application outlines all your assets, debts, income, expenses, and other information. Your trustee takes over the handling of all your financial affairs and completes the process.
Once the assignment into bankruptcy is made, all actions initiated by your creditors against you are stopped. All your assets (called your “estate”), except those that are exempt, will then belong to your trustee on behalf of your creditors.
Your creditors may call a meeting to get information, affirm or replace the trustee, appoint inspectors, and give instructions. You may be examined you under oath about your assets and your reason for going into bankruptcy. You are required to attend financial counselling during and after the bankruptcy. Once the estate is administered, the trustee will request a discharge.
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