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Bankruptcy is a legal process under the Bankruptcy and Insolvency Act (“the “BIA”) that is intended to provide financial assistance in the form of relief for individuals, corporations, partnerships, and some types of trusts with overwhelming debt loads, by way of a stay of proceedings which halts creditors’ legal actions. This stay of proceedings prevents any unfair advantages of one creditor over another.
Bankruptcy can be used to seek relief from all or part of a debt. Bankruptcy is usually imposed by a court order. This is often initiated by the debtor. The bankruptcy process starts with the filing of a petition by the debtor (which is the most common), or on behalf of creditors (which is less common). The debtor’s assets are assessed and measured. Some assets can be used to repay some of their outstanding debt.Learn More
THE BANKRUPTCY CANADA ADVANTAGE
The Most Knowledgeable & Experienced Licensed Insolvency Trustees
A Licensed Insolvency Trustee (LIT) is the only professional authorized by the Canadian government to administer Bankruptcy or Consumer Proposal. As a consumer, you can be confident that a Trustee has the training, experience, and understanding to help you solve your debt problems.
If you are troubled by debt and are seeking answers, we invite you to browse our website’s comprehensive collection of articles, which have been prepared and reviewed by Trustees. You will find answers to many of your initial questions right here.
Bankruptcy-Canada can also link you with a LIT in your area. We deal with trusted firms across the country. Browse the information on our website, and then let a Trustee take you through the next steps. Regardless of your situation, a better financial future is possible. Your first appointment will be free.Learn More
FREQUENTLY ASKED QUESTIONS
The following article addresses the commonly asked question: what will happen to my house after filing bankruptcy? We all dream of home ownership. But what happens when the Canadian dream of owning your own home does not work out as well as expected? It costs a lot of money to own a home. You have […]Read More
Not forever, fortunately. Bankruptcy is a legal process that is intended to provide a new financial start, without being unnecessarily punitive. Your bankruptcy ends when you receive a discharge, the event that actually cancels your debts. Several factors affect the length of personal bankruptcies in Canada. Here are the conditions that could prolong your bankruptcy: […]Read More
What happens when you declare bankruptcy in Canada?Do you get out of all debts if you declare bankruptcy?What happens to your debts when you go bankrupt in Canada?Does declaring bankruptcy clear all debts?How bankruptcies work in canada? These are common questions and complex topics. The answers depend on the type of debt, and in some […]Read More
Filing for bankruptcy in Canada does not directly affect your spouse. Your debts are your debts; only you are responsible for them. If you go bankrupt, your debts are discharged. Your husband or wife or common-law spouse is NOT responsible for your debts. Many people believe that because you are married, your spouse is automatically […]Read More
You can keep some of your possessions when you file for bankruptcy. These assets are called bankruptcy exemptions because they are exempt from seizure. When it comes to bankruptcy and assets, why are some assets exempt? Bankruptcy allows an honest, but unfortunate debtor to get a fresh financial start. When you file for bankruptcy, you […]Read More
A consumer proposal is an alternative to filing bankruptcy in Canada. It’s a legally binding agreement negotiated with your creditors through a Licensed Insolvency Trustee. Once a consumer proposal is filed, there is a legal stay of proceedings that provides you with immediate legal protection from creditors and debt collectors. A consumer proposal may allow […]Read More
Andre C. Montreal Quebec
Thank you for this site. I received my discharge papers from my Trustee last week. Over the past 9 months, I have visited this site on a daily basis and it has been a huge help. I really appreciate this site and will continue to come back and read. For all of you out there that are fearing what the future holds for you before, during and after filing please take a deep breath and know that everything will work out for the best. Your life is not over… it is just beginning.
Great site! Options were offered and excellent service and knowledge provided. Step by step process info and very professional. Made everything seem easy without any problems and taking step by step with explanations. Very pleased and grateful through this sad time.
Melanie R. Toronto, Ontario
Thank you for your help! Your site has been very informative, and we have now had a meeting with a trustee.
Thanks for all the guidance and help
After reading the information available on your website and evaluating my options, I opted to file a proposal which has recently been accepted. I feel good, as I feel that I am taking responsibility for some bad financial decisions. I wish to thank you for this great website, for helping me find a good Trustee, and I want to also thank my Trustee for providing guidance during this difficult period. Keep up the good work!
The most informative site
I just received my automatic discharge and want to thank the trustees for providing their expertise and all that they do on this phenomenal site. I’ve read every single archived blog dating back to 2005 and this truly is the best and most informative site out there. Trust me, I looked!
Informative and straight forward
This is one of the most informative sites I’ve seen. The answers I’ve found here are as straight forward as possible, without trying to dance around the question. Thank you very much!!!
I am so glad I have found this site
I am so glad I have found this website. Thank you so much for what you do here!
Thank you for answering all my questions.
This is a GREAT site, and will recommend it to others. Much appreciated.
I just received my automatic discharge and want to thank the trustees for providing their expertise and all that they do on this phenomenal site!
Your site is very helpful – thank you!
I just want to add my thanks for the work you do on this site. After literally months of soul-searching I decided to get up the nerve to see a trustee about my finances. I must say a great weight has been lifted off my shoulders. I decided to file a proposal and as yet do not know whether it has been accepted or not. We’ll see, and then go from there. I don’t feel like I have no options. But I personally urge those who feel unsure about their situation to please see someone. It’s hard to take the first step, but you will not regret it.
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