Personal Bankruptcy in Canada
In Canada, a personal bankruptcy is one of the ways available to deal with outstanding debt. A personal bankruptcy is process that allows an honest but unfortunate debtor to deal with overwhelming debt in a fair and reasonable manner and allwos an individual to immediatly obtain court protection from their creditors and allow them an orderly process to deal with their finances.
If you are considering bankruptcy the first thing you need to do is meet with a licensed trustee. There will be no cost to this initial meeting nor any obligation, it is simply designed to help you understand what options are available. As part of this initial consultation you will meet with a licensed bankruptcy trustee, they will review your situation, help you to understand the different options available and how these options will impact you.
Am I eligible to file for bankruptcy in Canada?
It is very easy to qualify for bankruptcy. To be eligible you must:
1. Owe at least $1,000; and
2. Not be able to make your debt payments as they become due; or
3. Not own sufficient property to pay all of your debts.
As you can see the requirements are very easy to meet. But just because you qualify doesn’t mean that bankruptcy is the right option for you. When you attend for your Free Consultation this is one of the things that will be dicusessed with the trustee. They will help you to understand what to expect should a bankruptcy be filed, as well as review any other options that you can consider and help you determine what the best approach will be.
What will happen at this free consultation.
This consultation is an opportunity for you to review your situation with a licensed profession. You will meet directly with a licensed trustee, they will review your budget, your assets, your debts, explain the process of filing bankruptcy and review the other available options (i.e. consumer proposal, consolidation loan, credit counselling, debt management plans etc.).
This consultation is designed to provide you all the necessary information to understand what a is involved in a bankruptcy, whether a bankruptcy makes sense and any other options to a bankrputcy that may be applicable. All in an effort to help you determine the best way to deal with your existing debts.
For more information bankruptcy and the options available.
- Schedule a Free Consultation, or
- Read our Frequently Asked Questions
- Post an anonymous question on our blog