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I'm David Smith, a government licensed bankruptcy trustee. Over the years people have asked
me "How do you file for bankruptcy?" To file bankruptcy in Calgary, Alberta, you must meet
with a bankruptcy trustee. Bankruptcy trustees in Calgary are licensed professionals. Often
they will have an accounting background. Our job as trustees is to provide you with information
and guidance throughout the bankruptcy process. A trustee will assist you in preparing what
is called a "statement of your financial affairs" which will be presented to your creditors.
This statement must include who you owe money to, what you own, how much you earn per month
and what it costs you each month to live. Your personal information will also be required
as well as additional details pertaining to your circumstances. Once the documents are
officially filed with the government, you become part of a legal process and are provided
with the maximum protection you can receive. That means your creditors will no longer be
able to collect on the debt that you owe them. Generally bankruptcy for the first time takes
9 months to complete but in some cases it can take 21 months or longer. The trustee
will explain what your duties or requirements will be during your bankruptcy and will outline
the duration of the process to you. The bankruptcy trustee can also connect you to resources
that can help you get back on your feet. For more information on filing bankruptcy in Calgary,
Alberta, visit PersonalBankruptcyCanada.ca.