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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 ‘Q&A’ Posts

Bankruptcy is a challenging and stressful situation for anyone to experience. For Canadians, understanding the early warning signs of bankruptcy can help prevent financial disaster or better manage its impacts. This blog post will discuss the early signs of bankruptcy, including deteriorating cash flow, increasing debt load, poor credit score, legal actions and collections, over-reliance […]

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I am at the end of my bankruptcy and I’m being told I owe 5200.00 dollars and my husband owes 4200.00 because of surplus income owing. There was no talk of this now I’m slammed with this . Do I have any options?

Can you file for bankruptcy while in prison? Can someone who is currently in jail declare bankruptcy? What do you need to do to go through with it?

If I filed for bankruptcy in 2019 and I lost any tuition carryforward due to bankruptcy. Am I still able to claim my tuition I paid in 2020 if I have not been discharged ? Or I do I lose it like I did the 2019 amounts?

Due to a delay submitting my papers on an appeal due to a family member being sick and in hospital I was cut off my social assistance and they have given me an overpayment of $77000 to pay back but I will never be able to do this with what I make and trying to […]

I recently read that it is advised that you close your present bank account and obtain a new account (with a bank you have never dealt with) before you actually declare bankruptcy.  I have no credit cards or a bad history with my present bank. Is this step really necessary?

how often can you file for bankruptcy blog image of a financially distress couple

How Often Can You File Bankruptcy?

October 21st, 2021 by A Licensed Insolvency Trustee

how often can you file for bankruptcy blog image of a financially distress couple

Many of us have experienced financially challenging times – especially recently. In a typical year, over 100,000 Canadians file for bankruptcy or consumer proposal. Some of these consumers have been bankrupt before and this lends itself to three important questions:  Can you file for bankruptcy twice?How often can you file for bankruptcy in Canada? Is […]

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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 […]

Hi, I was stopped at the airport by Health Canada and I refuse their hotel and the test pcr, I took one just before my flight to Canada, so they gave me fines 5000.00 per day =15000.00 + 5000.00 for the pcr test + 5000.00 because I removed my mask 2 minutes to make a […]

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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