Eliminate Eligible Debt
Many unsecured debts may be discharged once the bankruptcy is completed.
A legal option for overwhelming debt
Understand Whether Bankruptcy Is Right for You
Bankruptcy can provide relief from unmanageable unsecured debt when other options are no longer realistic. A Licensed Insolvency Trustee can explain the process and help you understand the consequences.
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✓ No obligation
✓ Free initial assessment
Understanding the option
What Is Bankruptcy?
Bankruptcy is a legal debt-relief process designed for people who are unable to repay what they owe. It can eliminate many unsecured debts and provide protection from most creditor collection activity.
The process is administered by a Licensed Insolvency Trustee, who reviews your income, assets, debts, and obligations before explaining whether bankruptcy is appropriate.
Debts that may be included:
Credit cards
Personal loans
Lines of credit
Payday loans
Tax debt
Unsecured collections
Secured debts, support obligations, court fines, and some student loans may be treated differently.
Potential benefits
Why People Consider Bankruptcy
Bankruptcy is generally considered when debt cannot be managed through budgeting, consolidation, or a consumer proposal.
Stop Collection Activity
Most creditors must stop collection calls, lawsuits, and wage garnishments after filing.
End Ongoing Interest
Interest on debts included in the bankruptcy generally stops accumulating.
Financial Reset
Bankruptcy can create a defined path toward rebuilding after serious financial hardship.
Legal Protection
The process provides formal protection under federal insolvency law.
Clear Timeline
Your trustee explains the required duties and how long the process may take.
Who may need it
When Bankruptcy May Be Considered
Bankruptcy may be worth discussing when your debt is far beyond what you can repay and no affordable proposal or consolidation plan is available.
Start the Assessment✓
Your unsecured debt is no longer manageable.
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You cannot afford a realistic repayment plan.
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Collection calls, lawsuits, or garnishments are creating pressure.
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Your income is not enough to cover both debt payments and basic expenses.
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You are ready to have your finances reviewed by a Licensed Insolvency Trustee.
The process
How Bankruptcy Works
Complete the Assessment
Share information about your debt, income, assets, and financial situation.
Review Your Options
A qualified professional explains whether bankruptcy or another solution may fit.
Meet With a Trustee
A Licensed Insolvency Trustee reviews your circumstances and explains the legal process.
Complete Your Duties
You complete required payments, counselling sessions, and reporting obligations.
Compare your options
Bankruptcy vs. Consumer Proposal
Bankruptcy
For debt that cannot realistically be repaid
- Many unsecured debts may be discharged
- Some assets may need to be surrendered
- Payments may depend on income
- Duration varies by circumstances
- Formal insolvency filing
Consumer Proposal
Repay an agreed portion over time
- Keep assets in most cases
- Fixed monthly payment
- Maximum repayment period of five years
- Avoids an assignment in bankruptcy
- Requires creditor approval
A Licensed Insolvency Trustee must review your finances and explain the legal and financial consequences of each option.
Common questions
Bankruptcy FAQs
Will I lose everything if I file bankruptcy?
No. Provincial exemption rules may allow you to keep certain essential assets. Your trustee will review your assets and explain what may be protected.
How long does bankruptcy last?
The length depends on whether it is your first bankruptcy, your income, and whether your duties are completed.
Will bankruptcy affect my credit?
Yes. Bankruptcy is reported to the credit bureaus and can affect your ability to obtain credit for a period of time.
Can bankruptcy stop wage garnishment?
In many cases, filing bankruptcy stops garnishments related to included unsecured debts, subject to legal exceptions.
Can tax debt be included?
Many tax debts can be included, although special rules may apply in some situations.
Clarity today, confidence tomorrow.
Find Out Which Debt-Relief Option Fits Your Situation
Complete our confidential assessment and take the first step toward understanding whether bankruptcy or another solution may be appropriate.