If you want to get out of debt, you may be considering declaring bankruptcy, but you should know all the details before you make this choice. Bankruptcy allows you to eliminate most (if not all) of your unsecured debt. Filing in Canada protects you from your creditors, agencies stop calling, and wage garnishing stops.
When declaring bankruptcy Canada law states that a licensed trustee administers the process. You make payments based on your income for up to 21 months, and you may lose some of your assets. When the process is finished, all of your eligible unsecured debt is discharged in full and you can start fresh.
When Should You File?
If you think bankruptcy is the only way you can get out of debt, you should talk to an accredited professional to ensure you’ve explored all of your options. Contact an advisor today.
Is Bankruptcy Your Only Option?
Depending on your situation, you may find that a consumer proposal is a better alternative. Learn more about consumer proposals in Canada.
How do I file bankruptcy in Canada and how does it work?
What assets do I lose and what do I get to keep?
What does it cost to go bankrupt?
How long will my bankruptcy last?
How do I choose a trustee?
What happens after I file? How is my credit score affected?
How can I avoid bankruptcy?
Get Debt Help
If you have money problems, it’s a good idea to contact an accredited advisor for help exploring your options. Declaring bankruptcy should be a last resort. For a free debt evaluation, contact an advisor today.