In a bankruptcy, the government allows debts owed to creditors to be canceled under the Bankruptcy and Insolvency Act of Canada. Filing for bankruptcy is an opportunity for individuals to discharge their debts under acceptable and fair conditions.
Filing for Bankruptcy – Bankruptcies
Filing for bankruptcy is a legal process involving a person that is unable to repay outstanding debts. If the debtor completes the requirements under the Bankruptcy Act, the debts are canceled.
Filing for Bankruptcy in Ontario
★★★★★ I made an appointment to speak with Jim who was non-judgmental and explained what my options were and how he could help us. Jim helped us file for bankruptcy stopping the garnishee and creditor phone calls. I only wish we’d called sooner, Many thanks! J. Matherson, Oshawa.
Can I File for Bankruptcy?
You can file for bankruptcy when you are:
- unable to pay your bills each month,
- you have credit card bills that are over their limit,
- you have maximized your means to secure more credit,
- you have credit agencies calling you for payments,
- your financial situation has gotten out of control,
Were you are having issues such as these filing for bankruptcy can be a reasonable and positive step to getting you out of debt and a fresh start with your finances.
How to File for Bankruptcy
You file for bankruptcy by meeting with a Insolvency Trustee. The trustee learns about your outstanding debt and your financial situation. The trustee then provides you with options to get rid of your debts, either through;
- filing for bankruptcy
- consumer proposals
- consolidation loans or
- debt counselling
Where filing for bankruptcy is the best option the Insolvency trustees, the trustee:
- explains the bankruptcy process
- lets you know what assets are affected by the bankrutpcy
- what your obligations in bankruptcy are
- how the bankruptcy is discharged
- the costs involved
This meeting is an opportunity to discuss your finances, to ask any questions and to learn about correcting your consumer debt problems.
Speaking with a Bankruptcy Insolvency Trustee
We offer a free opportunity meeting to discuss your finances we can give you answers about;
- Options other than bankruptcy,
- how filing for bankruptcy can help you,
- and give you advice about get financially back on track.
As required by the law, the insolvency trustee is there to help you get out of debt and help you manage your finances for the future.
The Canadian government realizes that it is in the public interest and good for society as a whole, to help individuals through insolvency trustees rather than to have people and families suffer through continued hardship with financial issues. Call us today to make an appointment to discuss your financial health.
The information provided within this website about filing for bankruptcy and financial issues is protected by copyright law. Any distribution or reproduction in anyway, shape, means or manner is expressly prohibited by law without the the prior written consent of the owner(s) of the copyright.
This site is for information only and is not meant to replace qualified legal advice by a licensed insolvency trustee, the writers shall not be held responsible for any information that may be incorrect or out of date. The owners of this website recommend that anyone wishing to learn about going bankruptcy wishing to file for bankruptcy to contact our office for qualified advise from a bankruptcy trustee.