Bankruptcy in Canada
Immediate debt relief.
Filing for bankruptcy can provide immediate debt relief
We understand that the thought of filing for bankruptcy can create considerable stress for those considering this decision. If you’re struggling with debt, however, it is important to know that bankruptcy is not the only solution. A Licensed Insolvency Trustee (LIT) will explain every option available to you and help you choose the best solution for your financial situation. With that said, in some situations bankruptcy can be the most effective solution. This may be the case for you if the following applies:
- You currently owe more money to creditors than you earn
- You’re unable to pay bills or make monthly debt payments without using more credit
- You’re having your wages garnished by one or more creditors
- You’re seeking immediate relief from debt and a fresh start financially
If your debt has become unmanageable, and you’re struggling to pay bills, you can request a call from a Licensed Insolvency Trustee who will discuss filing for bankruptcy and other possible alternatives.
5 things to know about filing for bankruptcy
- Your debts must be greater than $1,000.
- You will not lose everything when you file for bankruptcy.
- Everybody won’t know that you’ve declared bankruptcy.
- Bankruptcy ends all harassment from creditors and legal action against you.
- You can be discharged from debt in just nine months.
More information about bankruptcy
Benefits of bankruptcy
Learn more about some of the positive effects of filing for bankruptcy.
The bankruptcy process
Find out what happens when you file for bankruptcy.
Bankruptcy costs
Which fees and costs are involved when filing for bankruptcy.
Contrary to popular belief, you will not ‘lose everything.’ An overview of some of the protections and exemptions in bankruptcy.
Please visit our frequently asked questions (FAQ) section for more information about bankruptcy.