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The 5 Stages Of Bankruptcy

Bankruptcy is a word most people avoid. Most people don’t know much about it or how to go about filing for bankruptcy.

In this source, they outline the 5 steps it takes to file for bankruptcy in Canada.

The 5 steps outlined in the infographic are:

1: Consultation with a Licensed Insolvency Trustee

2: Preparation of documentation

3: Filing and achievement of the stay of proceedings

4: Completion of bankrupt’s duties

5: Discharge and elimination of debts

There is a bit more detail included in the infographic. Check it out here.

If bankruptcy is something you are considering for your financial future, do all the research you can and make sure it is the right plan for you. From that source, you can also find a link to their Step by Step Guide to the Bankruptcy Process, which goes a little further in-depth and has useful links for further understanding.