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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

I am not in bankruptcy and am not being sued. I do have a lawsuit in motion which I initiated and filed. Some time in the future I may be the subject of a lawsuit which I will be unable to defend as I am on disability Is it illegal to transfer my half of […]

I am on total disability and am receiving disability income from the canadian gov\’t and a private insurance company (employer provided disability coverage). I am currently sueing an insurance company in Ontario in order to get them to pay me a disabilty policy which I bought outside of work. If I lose, am I required […]

i have to claim bankrupsy because my ex did and all of the debt that had my name on it came to me. Do I have to claim all of my credit cards even if they are all paid off? Can I keep them to rebuild my credit?

I have been out of bankruptcy for approximately 9 years.I am a compulsive gambler who stopped gambling for 7 years until the last 2 years.My stock market and gambling losses have put me over 50,000 in debt 43,000 in credit card debt.As I am close to 50 years old I don\’t see any way of […]

My mother is about to get sued in court. She has absolutely no debts and pays her bills and credit card promptly at the end of each month. She owns her house outright. The lawsuit, if she looses may be for more than her net worth. In order to prevent the plaintif from taking her […]

We have been in a consumer proposal for 8 months and are having difficulty maintaining our monthly payment. Is bankruptcy an option? If so, what happens to the consumer proposal that we have currently?

I am required to leave Canada soon and I already have so much debt on my credit cards. I will not be able to pay the credit cards before I leave. My only option is to leave the country but I also want to declare bankruptcy. Can I do that when I am outside Canada.

I have read that a student loan can only be included in a bankruptcy if it has been 10 years or more, but is this 10 years from the date of the last student loan being issued or 10 years from the last day attending school? I had a student loan 15 years ago. I […]

My husband and I are looking to claim bankruptcy. We own a house, but we bought it power sale for $65,000. The house is now worth approx. $105,000. What would happen to us and our house is we claim bankruptcy, seeing as how there is $40,000 in equity?

If my husband has a limited company and it goes bankrupt, is he personally responsible fo the debt. Can debtors collect from pesonal assets. Would I be responsible if I have nothing to do with the company and am not on any paperwork?

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