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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.

Most Recent ‘Bankruptcy’ Posts

We are extensively in debt following the closing of a failing retail business. Our farm revenues are what is sustaining us through this difficult time – can we lose the assets of the farm if they are used to generate income – if we file bankruptcy?? Also – our farm truck – do we have […]

I understand when you go bankruptcy you must answers questions regarding disposal of assets within the last 5 years? What happens in regards to refiancing a home if it is over 1 year from the time 1 goes bankrupt? My concern is that selling a home is taking equity but so is refiancing?

can you explain how bankruptcy protection works?? I have no cash to pay off debt – but lots of equity – once assets are liquidated – debts will be taken care of – will bankruptcy protection buy us time in this case?? thanks

I am considering either a consumer proposal or a bankruptcy. I was bankrupt 10 years ago but now debt overload has affected our family once. again. The question I am asking if we do go bankrupt or prepare a consumer proposal what happens to the home renovations that I had done through a company in […]

I filed for bankruptcy in June 2006, and my income amount has not changed. In the beginning of December I received an application to apply for 2006 Ontario supplement for working families. I sent it into the minister of finance and a couple weeks later I rec’d a reply stating that they owed me Retroactive […]

What is summary administration as mentioned in one of the blogs – I couldn’t find it when I did a search.

Our bank account is frozen by a credit card company with the same bank. Are they allowed to freeze the account completely – as our pay is direct deposited and we use this account solely for mortgage, groceries, gas, insurance and taxes. We have no other source of income – and credit cards were torn […]

We are closing a business due to financial losses – we are frequently obtaining advice from a trustee to be sure that we are following proper proceedure. Our cash flow is extreemely tight – but the liquidation of our assets will provide enough funds to pay our creditors. However – we are paying secured creditors […]

I am recently seperated from a Common Law relationship and have agreed to pay the sum $1500 per month for 5 years to my common law partner of 13 years. I am finding it tough to pay all my bills and alimony. I live in Winnipeg and my take home pay after tax is $5800 […]

I am a person on a long-term medical disability plan, called OPSP in Ontario. I received a student loan in 96. I would like to declare bankrupcy. Could I perhaps apply for a forgiveness arrangement? The medical nature of my disability could be a reason. I don\’t want to simply Bankrupt if I don\’t need […]

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