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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 live in Alberta and have accumulated $140K in debt. My husband owns a small business that is struggling and has been for the past year. It is a sole proprietorship. We “own” a home in which the value is $440K, but the outstanding mortgage and secure line of credit are $310K. We spoke with […]

If one spouse declares bankruptcy but the marital home is in the name of the other spouse, why isn’t the home part of the bankruptcy?

Can they take a lif that I received from ex spouse pension division in court.

If I lose my final WSIB appeal and they drop my level of impairment from the current 35% to the original 18% I’ve been been told I would have to repay the lump sum NEL plus the difference between the 18% impairment and the 35% impairment for the years I’ve been collecting WSIB. This payment […]

What happens if one person has to claim bankruptcy and they own a vehicle, but the vehicle is co-owned (for around ten years) with another person not claiming bankruptcy?

I have claimed bankruptcy. My former employer is offering me a settlement of a grievance. How will this affect my bankruptcy?

What happens to my RESP for the children when you claim bankruptcy?

My sister cosigned a loan for her daughter for her to consolidate her debts, her daughter stopped paying on the loan so my sister removed her daughter from the loan and did something ( maybe added it to her mortgage?) So she could have a lower interest on it. My question is If her daughter […]

My wife owns 99% of our home and I own 1%. She works and has no debt. I am deeply in debt and will probably have to file for bankruptcy. Will she have to pay anything or will it affect our home?

Is CPP owed from being self-employed exempt from bankruptcy?

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