Step by step
Step by step guide to filing a bankruptcy or proposal.
1. Meet with a Licensed Insolvency Trustee – at Locke Consulting there is no charge for initial consultations.
2. We will discuss and review all your debt relief options – when appropriate we will refer you to another trusted professional for help.
3. You may either complete an application at that time with our assistance or take it away with you and return it later.
4. We input the information from your application and prepare the documents we need you to sign to start the process.
5. After you have signed the necessary documentation we will efile your bankruptcy or proposal to create a stay of proceedings, protecting you from actions by your creditors.
6. Whether you have decided to file a bankruptcy or a proposal you will usually need to make regular monthly payments to our office.
7. During the proceeding you will be required to attend at two counselling sessions with a view to helping you better understand how to budget your money and manage debt without getting into a pickle again in the future.
8. In the case of a bankruptcy (but not a proposal) you will be required to report your income to us in the form of monthly budget sheets.
9. After you have done everything that is required of you your debts will be discharged (released) and you will no longer be required to make any payments.
10. We will provide you with information that will not only assist you in budgeting your money a little better but will also help you to re-establish credit and manage your debts a little better.