Taking Bankruptcy Seriously

Taking bankruptcy seriously

From The Edmonton Journal

serious-debt

When considering filing for bankruptcy or a consumer proposal, you must be aware of the various dutiesthat must be satisfied to be eligible for discharge. It is important to take bankruptcy seriously!

      There are no easy ways out, nor are there methods to cheat the system. There are serious consequences for those who attempt to conceal assets, bribe creditors, and other acts of fraud. Punishment can range from penalties and fines, to probation and prison sentences. It is not worth the risk of being severely penalized! When it come to insolvency, playing by the rules will absolutely help you get ahead.

     There are cases where debtors do try to work around the system. Recent charges have been made against a bankrupt in Ontario who will appear in court to receive judgement. Investigations stemmed from concerned creditors, as well as the Licensed Insolvency Trustee. This debtor tried to abandon the bankruptcy process without satisfying his conditions for discharge. He remained an undischarged bankrupt and attempted to obtain credit. The debtor had also tried to file a consumer proposal which was annulled after he failed to make any payments.

      He was charged with the following BIA offences:

  • Failure in Duties of a Bankrupt
  • Undisclosed Bankrupt engaging in business or obtaining credit

Bankruptcy is a legal process that provides relief to honest individuals who find themselves unable to pay their debts. Failing to comply with duties under the BIA and engaging in fraudulent activities are criminal offences.

Offenders are identified by OSB detection programs. Complaints from stakeholders such as the credits, trustees, or the general public. If you have any information related to bankruptcy of fraud schemes, contact the OSB. You can also send an anonymous report through Crime Stoppers.

OSB 1-877-376-9902

Crime Stoppers 1-800-222-8477

You may also find these articles useful:

What is A Licensed Insolvency Trustee?

What Fees Are Associated With Consumer Proposals?

What Happens At Counselling? 

7 Bankruptcy Myths

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