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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.
Frequently Asked Questions
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What happens to my house after filing bankruptcy?
While the laws are slightly different in each province, the basic concept is the same. You can’t keep a house in bankruptcy if you have a lot of equity in it at the time when you go... [ Read More ]
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Does filing for bankruptcy affect my spouse?
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 ... [ Read More ]
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How long will my bankruptcy last?
Several factors affect the length of you being bankrupt in Canada. Your bankruptcy ends when you receive a discharge, the event that actually cancels your debts. Most bankrupts ... [ Read More ]
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What can I keep if I file bankruptcy in Canada?
You can keep some of your possessions when you file for bankruptcy. These assets are called bankruptcy exemptions, because they are exempt from seizure by your Licensed ... [ Read More ]
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What happens when you file for bankruptcy?
It depends on the type of debt, and in some cases on your payment status. There are actually some debts that stay, even in bankruptcy. The concept behind a personal bankruptcy in ... [ Read More ]
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What is a Consumer Proposal?
A consumer proposal is an alternative to declaring personal bankruptcy. It’s an arrangement that’s negotiated with your creditors through a consumer proposal administrator (who is ... [ Read 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.
“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. Robert S.”
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“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. Andre C. Montreal Quebec”
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“Thank you for your help! Your site has been very informative, and we have now had a meeting with a trustee. Melanie R. Toronto, Ontario”
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