During this period, you will have no line of credit, and no credit cards, you will live totally on the income you bring in.

You may have seen a credit counsellor before filing for bankruptcy to find out about your financial options, and they may direct you to see [a bankruptcy trustee|a trustee for bankruptcy] who will investigate your situation more thoroughly to see whether you qualify, and whether you will be able to live during this time. Once you have completed the paper work, the trustee will file the information on your behalf at the bankruptcy courts. You may be called to attend a meeting of your creditors should they request this so they can understand why you have all this debt, and there may be an interview with the Superintendent of Bankruptcies too, for him, or her to understand your individual situation.

During this period of bankruptcy protection, your creditors will not contact you. If they do, you refer them to your trustee to handle, and provide them with the relevant contact information.

You will have to provide monthly statements for your trustee that show your income and your expenses for each month, and if there is any extra income above the level you are allowed by the court, then you will forward a portion of this to your trustee, to divide between your creditors.

The length you spend in bankruptcy varies, and the whole process undergoes regular changes to this system. Because of the increase in the number filing for bankruptcy due to the economy, the regulations and rules for [bankruptcy|bankruptcy cases] have become even more strict, and the period of bankruptcy has been extended too in some areas. The length of time does depend on your financial situation, including your ability to pay back your creditors any of the amount you owe them, and various other considerations, including how you have responded to any questions asked by your trustee, and whether you attended credit counselling as required.

Throughout this process, the aim is that at the end of this period, you will be [discharged from bankruptcy|discharged from your debts and bankruptcy], provided all is well, and you will be free from the debt you accumulated. Then it is up to you to remain out of debt in the future, and by paying for everything with cash, you can do this.