Occasionally bankruptcy is your only option.

A Bankruptcy should be considered only when there are no “other options” available. Over 80,000 Canadians filed for Bankruptcy in 2011. The Bankruptcy process is a formal form of restructuring and is filed under the Bankruptcy and Insolvency Act.

A Bankruptcy (depending on your surplus income) for a first time Bankrupt is up to 21 months and up to 36 months for a 2nd time bankrupt. Alternatively, you can file as many Consumer Proposals as you want without having more severe consequences for the insolvencies.


Bankruptcy Highlights

  • You are required to fill out monthly income and expense reports during your Bankruptcy
  • You are required to attend two counseling sessions
  • You cannot be a Director of an incorporated company
  • You may lose income tax refunds during your bankruptcy
  • You will not receive any GST /HST quarterly cheques during your Bankruptcy
  • You cannot obtain any credit as an un-discharged Bankrupt
  • The Bankruptcy remains on your credit rating for 7 years at an R9

Bankruptcy Benefits

  • Most wage garnishments cease immediately
  • Collection agencies can no longer contact you

Bankruptcy Process

Through this process a bankrupt is required to give full disclosure of all their assets, liabilities, income and expenses as well as any business holdings as part of the process.

  • You must be insolvent to file a Bankruptcy (debts are more than assets)
  • You cannot pick and choose the debts that are included
  • You cannot eliminate support or alimony obligation
  • You cannot eliminate student loans under 7 years
  • You cannot include secured debts such as mortgage and car loans
  • You are allowed to keep certain assets based on Provincial legislation

NEED A FRESH START!! Bankruptcy is not the only solution

We Don't Work for Creditors, We Work For You!

Call us today for free confidential consultation

Get In Touch

It's Never too late to be debt free
7368 Yonge St.,# 301B 
Thornhill, ON, L4J 8H9 
Direct Phone: 416-830-3414 
Main Line: 905-597-ABDC(2232) 
Main Fax : 905-597-2260 
Toll Free: 1-888-225-4746