(music) Meet Vincent, a father
of two young children. A recent separation
has left him unable to meet his financial obligations. After having his
options explained by a Licensed Insolvency Trustee,
a professional whose duties are regulated by the Office of the
Superintendent of Bankruptcy Canada, Vincent has decided
that bankruptcy is the most appropriate solution
to his financial troubles. The trustee explains that after
fulfilling his bank ruptcy obligations, his debts will
be discharged and he will be free to start over financially. The trustee further explains
that in the case of most first bankruptcies, the discharge
will happen automatically after nine months-or 21 months
if surplus-income payments have to be made. The trustee also tells Vincent
the automatic discharge happens only if it is not opposed by
the Licensed Insolvency Trustee, a creditor or the Office of the
Superintendent of Bankruptcy Canada; and he attends two
counselling sessions to help him understand why he went
bankrupt and to assist him in managing his financial
affairs in the future. If the discharge
is not automatic, Vincent is told a court
hearing will be scheduled. At the hearing, the court
will determine if and when the discharge will occur. Once the discharge is granted,
Vincent will be relieved of his debt as of the day he filed for
bankruptcy and he will be free to start rebuilding his credit
rating and his financial future. But, the trustee explains,
there are certain debts that will NOT be discharged. These include alimony
and child support payments; in some cases, student loans, court-ordered
fines or penalties; and debts arising from fraud. Are YOU in financial trouble? Not sure where to turn? Visit our website and use our
searchable database to find a Licensed Insolvency Trustee, the
only professional who can file a consumer proposal or bankruptcy
application in your name. While visiting our site,
you may also want to view other videos that help
explain the options to you.