5. What happens at the first meeting of creditors?
A meeting of creditors may be called if requested by your creditors.
The purpose of this meeting is to:

• confirm the appointment of the Trustee
• appoint up to five inspectors who supervise the administration of the bankrupt estate, including approval of the Trustee's statement of receipts and disbursements
• allow creditors to obtain information about the bankruptcy
• allow creditors to give directions to the Trustee

6. When will I get my Discharge from Bankruptcy?
A first-time bankrupt is automatically granted a discharge nine months after filing bankruptcy unless a creditor, the Trustee, or the Official Receiver objects. If you are granted an automatic discharge, there is no court hearing and the Trustee sends you a copy of the discharge.

If this is not your first bankruptcy or if your discharge is opposed, the Trustee sends a discharge application to the Court. You will be advised by the Trustee if you are required to appear in Court for the discharge hearing. At the hearing, the Trustee's report informs the Court of the circumstances surrounding your bankruptcy. The Court will choose one of the following discharge alternatives:

7. Which of my debts are not discharged by bankruptcy?

• student loans, if it is less than two years since your schooling finished
• fine or penalty imposed by the Court
• alimony
• liability for dividend to an undisclosed creditor
• debt obtained by fraud
• liability for support or maintenance of spouse or child under an agreement or Court Order

8. What about my credit rating?
Usually, once your level of debt becomes so great that bankruptcy is required, your credit rating is poor in any event. Your ability to obtain and use credit after discharge depends on convincing lenders of your personal financial maturity. Your credit rating can only improve after bankruptcy. Send a copy of the Discharge Order to the Credit Bureau so that your credit record can be updated. All documents relating to your bankruptcy should be saved for reference by future lenders.

9. Are my spouse's assets included in my bankruptcy?
No. Only assets owned by the bankrupt are included in the bankruptcy. If assets are jointly owned with a spouse, then the bankrupt's portion may have to be sold and distributed to the creditors. It is important to make the Trustee aware of joint assets so that each case can be reviewed individually.

10. Do I require a lawyer?
Generally, you do not require a lawyer to go bankrupt. If you feel the need for legal advice and cannot afford a lawyer, legal aid is available. We suggest you start by educating yourself. This can save you hundreds if not thousands of dollars in unnecessary legal fees.