Filing a bankruptcy in Canada is often a last resort, after you’ve explored all other debt-relief options. It eliminates most or all of your debt, but also has a significant, long term impact.
Bankruptcy is the last option when you’ve assessed all other solutions. Your debts are legally discharged, which means you’re no longer required to pay them back. A major drawback is you lose most of your unsecured assets and your ability to borrow money in the future is significantly affected. Bankruptcy in Canada is a legal process that can only be filed by a Licensed Insolvency Trustee (LIT).
There’s an alternative to bankruptcy, called a consumer proposal. It can reduce your debt up to 80% without any interest charges or fees.
Bankruptcy should be a last resort, after all other options have been considered. It’s important to speak to a LIT to determine if bankruptcy is necessary. We can help you understand the pros and cons of all your options–and be with you every step of the way. Many people are surprised to learn that bankruptcy doesn’t solve everything.
Bankruptcy can be an option when your debt gets too hard to handle and you’ve lost most or all of your household income for a long period of time. If it’s the best option for you, we’ll be with you every step of the way, ensuring you have support and guidance.
$6,000
$0
$6,000
$0
$8,008
$9,339
Eligibility
If you're struggling to repay debts, bankruptcy is just one option. We will help you decide what is the best debt-relief option for your unique situation and will be with you every step of the way.
The debt you’re facing today is not forever. With more than 43 years of experience in Canadian debt relief, we’ve helped over 100,000 people just like you build a better relationship with money and put their debt behind them.
We’ll meet to discuss your debt-relief options, guide you to the best solution, and assist you in building a better relationship with money. We’re here when you’re ready.