Skip to Content

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

If you filed bankruptcy five years ago can you file again?

How many months of bank statements does a trustee require upon filing bankruptcy, if at all?

I have two vehicle loans and a mortgage jointly with my ex-common-law partner; we have been separated for over a year and I am in a position where personal bankruptcy is a high possibility, how does this affect his credit because of the three joint loans we have?

Can a finance company come to my home and take my not so great furniture and tv’s as I listed as collateral?

Do I qualify for personal bankruptcy? Husband unemployed. His EI ends in December. So far no jobs in the market for me. Working with employment services. My wife is in the process of qualifying for CPPD. Own house, mortgage currently being paid by mortgage insurance. That will end when EI ends in December. Maxed out […]

If I want to change trustees can I do that?

If my limited company has debt that it cannot pay, are the shareholders liable for the debt if we declared bankruptcy, and could the company continue to exist as an inactive corporation because it has a bad debt that it hopes to recover some day?

Would a seizure order by CRA be cancelled, when someone file for bankruptcy?

Are court fees, taxes and small claims judgements covered by bankruptcy?

I filed six years ago and did not finish. In 2012, I received a letter from trustee saying they were discharged from my bankruptcy? What should I do now?

Back to top
Navigation