How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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Pre-Packaged Bankruptcy

Hi, I was wondering if in Canada, there is anything similar to a pre-packaged bankruptcy under Chapter 11 in the US? The closest thing I could find was a Consumer Proposal. If so, could you give me some examples of cmpanies that have done so?

Thanks!

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One Response to “Pre-Packaged Bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

Pre-packaged bankruptcies (i.e. purchasing a copy of all the legal documents and filing yourself) don’t exist in Canada.

However, Chapter 11 isn’t necessarily refering to pre-packaged bankruptcies as the vast majority of all insolvency work done in the USA is administered by a lawyer.

Although, you are right that Consumer Proposals closely approximate many of the aspects of Chapter 11. While there are many similarities between the two there are also many differences, to many for me to outline in this type of forum.

The best thing for you to do is to local trustee and discuss these things.