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Declaring Bankruptcy in Canada

Are you thinking of declaring bankruptcy? Are you having trouble understanding whether you should consider filing bankruptcy? Not sure how a bankruptcy operates, or what would be expected in your situation? You’re not alone, each year there are over a 100,000 Canadians who file a bankruptcy or proposal in Canada and hundreds of thousands more who are still struggling with unmanageable debt but do not know where to turn.

This is where we can help. We are committed to helping you understand what bankruptcy is, when it makes sense to file a bankruptcy, how the Canadian bankruptcy laws and rules will impact you.

The first step is to do your homework. Take a little time and read up on filing personal bankruptcy in Canada. Learn about the process, what you can expect and the various alternatives to filing a bankruptcy. Here is a list of resources that should help you understand what to expect.

Learn About the Bankruptcy Process and Then Contact a Trustee

Educating yourself is a good start, but the second step is to talk to someone who is trained and qualified. How a bankruptcy unfolds is dependent on the specifics of your situation. So you need to get professional advice. A Licensed Insolvency Trustee is the only professional who is federally licensed and qualified to provide advice about bankruptcy and the other legislated options to a bankruptcy. A Trustee will provide you a free, no obligation consolation that is designed to make sure you understand what to expect. So meet with a professional, get the guidance you need so you are properly equipped to determine what direction is best for you to proceed.

Once you have educated yourself about bankruptcy and what to expect, and then made sure you have met with a Licensed Insolvency Trustee, you should have all the information you need to determine if a bankruptcy is the best option for you.

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Gambling, online shopping, dating, gaming… I could go on. He’s spending thousands he does not have. How will this affect equalization and funds held in trust from sale of matrimonial home? We are in year 3 of separation, nothing happening, several court dates. How do I protect myself & any monies owed to me in […]

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Consumer proposal or bankruptcy
Consumer proposal or bankruptcy

How does a consumer proposal work? Well, it’s not hard, but you can’t do it alone, you need the help of a Licensed Insolvency Trustee. A Consumer Proposal keeps you out of bankruptcy by avoiding it altogether. The goal of a consumer proposal is to combine all your existing debt with different banks, creditors, or […]

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declare bankruptcy in Canada
declare bankruptcy in Canada

The short answer is “no”. When you declare bankruptcy in Canada, there are still some types of debt that you will need to pay later on. The goal of declaring bankruptcy isn’t to create a clean slate and wipe your debt record, but instead to alleviate your burden and make the remainder of your debts […]

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  • Comments Off on Do I Become Debt-free When I Declare Bankruptcy?

Wage garnishment can be devastating. You’re already paying overwhelming debts and then suddenly your paycheck is smaller and you’ve got to cope with less money and mounting bills. So how can you stop wage garnishment in Canada? There are a number of resources available to you if your wages are being garnished and several ways […]

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