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BANKRUPTCY DEFINITION
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 MoreTHE 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 MoreFREQUENTLY 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 MoreNot 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 MoreWhat 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 MoreFiling 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 MoreYou 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 MoreA 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 […]
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