Facing debt can be overwhelming, but you don’t have to go through it alone. Personal bankruptcy is a solution designed to help you regain financial control, stop collection actions, and build a fresh start.
It also provides you with immediate protection against legal action from unsecured creditors, including the Canada Revenue Agency (CRA).
Personal bankruptcy is a legal process that helps individuals who are unable to pay their debts get a fresh financial start.
Unlike other debt restructuring solutions, personal bankruptcy is usually the quickest and least expensive way to eliminate your debt.
Filing for bankruptcy provides immediate protection against any further action from unsecured creditors, including the CRA for income tax or GST debt.
When you are eventually discharged from bankruptcy, you will no longer be legally responsible for any of your unsecured debts.
Once you enter bankruptcy, you must be discharged or released from bankruptcy before you can get a fresh start.
The length of a first-time bankruptcy is nine 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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