Bankruptcy is a legal proceeding under the Bankruptcy and Insolvency Act which was created in order to allow an honest but unfortunate debtor to obtain relief from their debts and resume their standing in society.

Who may file a bankruptcy?

Any individual who owes at least $1,000 and cannot pay their debts as they become due is classified as "insolvent" and may file an assignment in bankruptcy.

Benefits of a bankruptcy

Once the bankruptcy is filed with the Superintendent of Bankruptcy, interest charges will stop, legal actions will stop and no more harassing phone calls.

Bankruptcy process

When meeting with an Insolvency Counsellor, you will be required to provide a full statement of all your assets and liabilities, including any assets which you may have sold or disposed of within 12 months. You will also be required to provide all documentation relating to your assets and liabilities along with your present income and expenses.

After careful review of the above information we will provide you with your alternatives, discuss these options with you. You will then choose which option to follow.

To find out if you qualify for bankruptcy click here