A person in financial difficulty can use the provisions of the Bankruptcy and Insolvency Act to declare bankruptcy.
Come meet us to complete the necessary documents to give effect to your bankruptcy. Only a Licensed Insolvency Trustee can file bankruptcy on your behalf.
As soon as the bankruptcy is filed, we notify all your creditors who must then immediately suspend all actions brought against you, whether they are actions, foreclosures, phone calls and other collection procedures.
Bankruptcy allows you to erase all your debts, even those of governments (tax, taxes). Some limited exceptions apply.
You will be able to keep the following assets:
Personal effects Furnishings
The automobile, if it is necessary for work or if its value is marginal
Instruments and other objects necessary for the exercise of your profession or trade
RRSPs, except for the contribution made in the 12 months preceding the bankruptcy
Assets subject to secured loans if you want to keep them and want to continue monthly payments