Bankruptcy is defined as the status of a person or organization that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

So how does a person living in Alberta file for bankruptcy? What is the process of filing for bankruptcy in Alberta?

The law for bankruptcy in Alberta requires that any individual considering bankruptcy must review certain sections of the Bankruptcy and Insolvency Act.

You will first need to find an Alberta Trustee who will help you prepare a statement of affairs. This is a list of all your assets, creditors, income, expenses, and other pertinent information. This is followed by a bankruptcy interview with the Official Receiver. Also mandatory is attendance to two financial counseling sessions.

You then report your income and expenses on a monthly basis to the Trustee. You may also be required to pay some money to the Trustee each month depending upon how much you earn, the size of your family and your circumstances.

It is important to find a trustee who knows the Bankruptcy and Insolvency Act well.

Section 158 dictates that the bankrupt needs to list all his property that is under his possession or control to the trustee. He also needs to hand over to the trustee, all books, records, documents, writings and papers including, title papers, insurance policies and tax records and returns. He needs to attend meetings of his creditors or of the inspectors, or attend on the trustee

As per Section 67(1), The property of a bankrupt divisible among his creditors shall not comprise.

The Section 178 deals with debts not released by Order of Discharge. Subsection 178(1) of the Bankruptcy and Insolvency Act lists eight classes of debts that are not released by an order of discharge. These exceptions are based on an overriding social policy.

Bankruptcy Offences - Section 198 lists out the offences that can be committed by the bankrupt. These include but are not limited to making fraudulent deposits, making false entries, refusing to answer questions etc.

Failure to Disclose Fact of Being an Undischarged Bankrupt is covered under Section 199.

Section 200 deals with the Bankrupt failing to Keep Proper Books of Account.

The question at this point is whether or not you need a lawyer for filing for bankruptcy. Unless you are very familiar with the bankruptcy law, it would be wise to seek the services of a lawyer.

bankruptcy in Alberta [http://www.startover.ca/subcategory/petitioning-a-debtor-into-bankruptcy] fraud occurs when people know that they can't repay the money they are borrowing and abuse the system by continuing to obtain and use credit. Bankruptcy fraud in Alberta is punishable by criminal sentences.