Personal bankruptcy is a solution that can give you a fresh start. It also provides you with immediate protection against collection and legal action from unsecured creditors, including the Canada Revenue Agency.
Our Licensed Insolvency Trustees will guide you through the process with expertise and compassion, ensuring you feel supported every step of the way as you take back control of your financial future.
Personal bankruptcy is a legal process that exists to help individuals, who are unable to pay their debts, get a fresh financial start.
Compared to other debt restructuring plans, personal bankruptcy is usually the quickest and least expensive way to eliminate your debt.
When you are eventually discharged from bankruptcy, you will no longer be legally responsible for any of your unsecured debts.
Once you enter into bankruptcy, you will need to be discharged from bankruptcy, or released from bankruptcy, before your fresh start.
The length of a first-time bankruptcy is 9 months. If you have surplus income, the length of your bankruptcy increases to 21 months.
If you enter bankruptcy for a second time, the length increases to 24 months (with no surplus income) or 36 months (with surplus income).
To file for personal bankruptcy, you must owe at least $1,000 and:
We can help you weigh your debt-relief options so that you can make a confident and well-informed decision.
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