Definition officially dating
This is usually presented at the end of the process.Amount of a debtor's total income that exceeds what is necessary to maintain a reasonable standard of living according to the standards set by the Office of the Superintendent of Bankruptcy.whereby debtors, working with a Licensed Insolvency Trustee, put together an offer to pay their creditors a percentage of what is owed to them over a specific period of time, extend the time to pay off the debt or a combination of both.This option is available to individuals whose total debt does not exceed 0,000, not including debts secured by their principal residence.A federal government employee in the Office of the Superintendent of Bankruptcy who is appointed by the Governor in Council.Among other things, the official receiver accepts the documents that are filed in proposals and bankruptcies, examines bankrupts under oath and chairs meetings of creditors.
This appointment is made after an application for a bankruptcy order has been filed, but before the bankruptcy is ordered by the court.The final step in bankruptcy proceedings, an absolute discharge is the release of the bankrupt from the legal obligation to pay back what is owed—with some exceptions—as of the date of the filing of the bankruptcy.The final step in bankruptcy proceedings, a discharge is the release of the bankrupt from the legal obligation to pay back what is owed—with some exceptions—as of the date of the filing of the bankruptcy.Upon receipt of the payments, the Court will make payments to the creditors on behalf of the debtor.
In most cases, the period of time of the program set by the court is three years.This option is available to businesses and individuals—there is no limit with respect to how much money is owed. The examination may be done by a representative of the Office of the Superintendent of Bankruptcy (an official receiver), a Licensed Insolvency Trustee, a creditor or another interested person as outlined in the A person appointed by creditors to represent them before the Licensed Insolvency Trustee during the administration of a bankruptcy or proposal.