Bankruptcy Alberta – Licensed Insolvency Trustees.

Bankruptcy in Alberta: Schedule a Free Confidential Evaluation With a Trustee in Alberta to Learn Your Debt Relief Options.

When you find a trustee you can get a CONFIDENTIAL CALLBACK by clicking on the Evaluation Button

Please bring this filled out form to your first meeting with the trustee.

/news-resources/reviews-testimonials/reviews/ Overall rating: ★★★★★ 4.6 based on 33 reviews
5 1
Submit your review.


Airdrie- Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 587-333-7878
Toll Free: 1-866-246-7277

110A, 400 Main Street N.E., Airdrie, AB, T4B 2N1
Email  Evaluation  More Info/Map

Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 587-316-2952
225 1st Ave NW, Airdrie, AB, T4B 3H3
Email  Evaluation  More Info/Map


Banff – Contact Your Licensed Insolvency Trustee

(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 587-333-6479
212 Market Mall Professional Building, 4935 – 40 Avenue NW, Calgary, AB, T3A 2N1
Email  Evaluation  More Info/Map


Brooks – Contact Your Licensed Insolvency Trustee

MNP Alberta Bankruptcy
MNP Limited, 587-333-7880
Toll Free: 1-888-208-2694

#5- 20 Fairview Avenue, Brooks, AB, T1R 0N8
Email  Evaluation  More Info/Map
(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 587-333-6481
412 Sunridge Professional Building, 2675 36 Street N.E., Calgary, AB, T1Y 6H6
Email  Evaluation  More Info/Map


Calgary – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 587-333-7882,
Toll Free: 1-866-246-7277

1500, 640 – 5th Avenue SW, Calgary, AB, T2P 3G4
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 587-333-6478 
833 – 4 Avenue SW, Suite 900, Calgary, AB, T2P 3T5
Email  Evaluation  More Info/Map


Bromwich Smith Alberta BankruptcyBromwich & Smith Trustees in Bankruptcy, Inc., 587-333-7891
Toll-Free: 1-888-240-9972

2111 36 Street NE, Calgary, AB, T1Y 5S3
Email  Evaluation  More Info/Map

Bromwich Smith Alberta BankruptcyBromwich & Smith, Inc., 587-333-7892
Toll-Free: 1-888-240-9972

Calgary South (by appointment only) Fish Creek Executive Centre, Suite 205, Office 255, 259 Midpark Way SE, Calgary, AB, T2X 1M2
Email  Evaluation  More Info/Map

Bromwich Smith Alberta BankruptcyBromwich & Smith, Inc., 587-333-7893
Toll-Free: 1-888-240-9972

Suite 810, 333 11th Ave. SW, Calgary, AB, T2R 1L9
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 587-333-6481
412 Sunridge Professional Building, 2675 36 Street N.E., Calgary, AB, T1Y 6H6
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 587-333-6480
Southcentre Executive Tower, Suite 450,
11012 MacLeod Trail South, Calgary, AB, T2J 6A5
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 587-333-6479
12 Market Mall Professional Building, 4935 – 40 Avenue NW, Calgary, AB, T3A 2N1
Email  Evaluation  More Info/Map


Camrose – Contact Your Licensed Insolvency Trustee

(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3432
Suite 201, 4870 – 51 Street, Camrose, AB, T4V 1S1
Email  Evaluation  More Info/Map


Canmore – Contact Your Licensed Insolvency Trustee

(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 587-333-6479
212 Market Mall Professional Building, 4935 – 40 Avenue NW, Calgary, AB, T3A 2N1
Email  Evaluation  More Info/Map


Cochrane – Contact Your Licensed Insolvency Trustee

(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 587-333-6479
212 Market Mall Professional Building, 4935 – 40 Avenue NW, Calgary, AB, T3A 2N1
Email  Evaluation  More Info/Map


Cold Lake – Contact Your Licensed Insolvency Trustee

Faber Bankruptcy Alberta, ABFaber Inc.,
Toll-Free: 1-888-298-6710
4807 – 51 Street, Cold Lake, Suite 201, AB, T9M 1P1
Email  Evaluation  More Info/Map
(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3896
2080 Northgate Centre (Northwoods Mall) 9499 – 137 Avenue, Edmonton, AB, T5E 5R8
Email  Evaluation  More Info/Map


Drumheller – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 587-333-7899,
Toll Free: 1-866-246-7277

365 – 2 Street East, Drumheller, AB, T0J 0Y0
Email  Evaluation  More Info/Map
(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 587-333-6481
412 Sunridge Professional Building, 2675 36 Street N.E., Calgary, AB, T1Y 6H6
Email  Evaluation  More Info/Map


Edmonton – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 780-666-3427,
Toll Free: 1-888-310-4687

Suite 400, Bell Tower, 10104 – 103 Avenue, Edmonton, AB, T5J 1E2
Email  Evaluation  More Info/Map

Faber Bankruptcy Alberta, ABFaber Inc.,
Toll-Free: 1-888-298-6710
12766 – 82 Street, Edmonton, AB, T5E 2T1
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3898
1401 Scotia Place 2, 10060 Jasper Avenue NW, Edmonton, AB, T5J 3R8
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 780-666-3899
Steppes Office Centre, Suite 102, 1253 – 91 Street, Edmonton, Alberta, T6X 1E9
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3890
#51, 10203 – 178 Street, Edmonton, AB, T5S 1M3
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 780-666-3896
2080 Northgate Centre (Northwoods Mall) 9499 – 137 Avenue, Edmonton, AB, T5E 5R8
Email  Evaluation  More Info/Map


Fort McMurray – Contact Your Licensed Insolvency Trustee

Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3406
8219 Fraser Avenue, Fort McMurray, Alberta, T9H 0A2
Email  Evaluation  More Info/Map

MNP Alberta BankruptcyMNP Limited, 780-666-3429
Toll Free: 1-866-269-6191

9707 Main Street, Fort McMurray, Alberta, AB, T9H 1T5
Email  Evaluation  More Info/Map


Grande Prairie – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 780-666-3440,
Toll Free: 1-888-309-4686

Suite 719, 214 Place, 9909 – 102 St., Grande Prairie, AB, T8V 2V4
Email  Evaluation  More Info/Map

Faber Bankruptcy Alberta, ABFaber Inc., 780-666-3419
Toll-Free: 1-888-293-8079

10006 – 101 Avenue, Suite 215, Grande Prairie, AB, T8V 3X8
Email  Evaluation  More Info/Map


High River – Contact Your Licensed Insolvency Trustee

(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 587-333-6480
Southcentre Executive Tower, Suite 450,
11012 MacLeod Trail South, Calgary, AB, T2J 6A5
Email  Evaluation  More Info/Map

MNP Alberta BankruptcyMNP Limited, 587-333-7882
Toll Free: 1-866-246-7277

1500, 640 – 5th Avenue SW, Calgary, AB, T2P 3G4
Email  Evaluation  More Info/Map


Hinton – Contact Your Licensed Insolvency Trustee

(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 780-666-3890
#51, 10203 – 178 Street, Edmonton, AB, T5S 1M3
Email  Evaluation  More Info/Map


Leduc – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 780-666-3461
Toll Free: 1-866-290-4140

5019 49th Avenue, Suite 200, Leduc, AB, T9E 6T5
Email  Evaluation  More Info/Map
(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3899
Steppes Office Centre, Suite 102, 1253 – 91 Street, Edmonton, Alberta, T6X 1E9
Email  Evaluation  More Info/Map


Lethbridge – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 587-333-7900
Toll Free: 1-888-208-2694

3425 2nd Ave S., Lethbridge, AB, T1J 4V1
Email  Evaluation  More Info/Map


Medicine Hat – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 587-333-7901
Toll Free: 1-888-208-2694

666 4th Street SE, Medicine Hat, AB, T1A 7G5
Email  Evaluation  More Info/Map


Okotoks / High River – Contact Your Licensed Insolvency Trustee

Bromwich Smith Alberta BankruptcyBromwich & Smith, Inc., 587-316-2742
Toll-Free: 1-888-240-9972

14 McRae Street, Okotoks, AB, T1S 1K1
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 587-333-6480
Southcentre Executive Tower, Suite 450,
11012 MacLeod Trail South, Calgary, AB, T2J 6A5
Email  Evaluation  More Info/Map


Olds – Contact Your Licensed Insolvency Trustee

Bromwich Smith Alberta BankruptcyBromwich & Smith, Inc., 587-316-2737
Toll-Free: 1-888-240-9972

4911 – 51 Ave. Olds, T4H 1H3
Email  Evaluation  More Info/Map

Grant Thornton Alberta BankruptcyGrant Thornton Limited,587-316-2952
225 1st Ave NW, Airdrie, AB, T4B 3H3
Email  Evaluation  More Info/Map


Peace River – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 780-666-3450
Toll Free: 1-888-331-5740

9913-98 Avenue, Peace River, AB, T8S 1J5
Email  Evaluation  More Info/Map
(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 780-666-3896
2080 Northgate Centre (Northwoods Mall) 9499 – 137 Avenue, Edmonton, AB, T5E 5R8
Email  Evaluation  More Info/Map


Red Deer – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 587-333-7902
Toll Free: 1-888-319-4158

102, 4922 – 53 Street, Red Deer, AB, T4N 2E9
Email  Evaluation  More Info/Map


Sherwood Park – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 780-666-3427
Toll Free: 1-888-310-4687

Suite 400, Bell Tower, 10104 – 103 Avenue, Edmonton, AB, T5J 1E2
Email  Evaluation  More Info/Map

Faber Bankruptcy Alberta, ABFaber Inc.,
Toll-Free: 1-888-298-6710

12766 – 82 Street, Edmonton, AB
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3898
1401 Scotia Place 2, 10060 Jasper Avenue NW, Edmonton, AB, T5J 3R8
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3890
#51, 10203 – 178 Street, Edmonton, AB, T5S 1M3
Email  Evaluation  More Info/Map


(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 780-666-3896
2080 Northgate Centre (Northwoods Mall) 9499 – 137 Avenue, Edmonton, AB, T5E 5R8
Email  Evaluation  More Info/Map


St. Albert – Contact Your Licensed Insolvency Trustee

Faber Bankruptcy Alberta, ABFaber Inc., 780-666-4605
Toll-Free: 1-888-298-6710

#1, 44 St. Thomas Street, St. Albert, AB, T8N 6N8
Email  Evaluation  More Info/Map
(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3890
#51, 10203 – 178 Street, Edmonton, AB. T5S 1M3
Email  Evaluation  More Info/Map


St. Paul – Contact Your Licensed Insolvency Trustee

Residents of St. Paul can file a bankruptcy or proposal online or over the phone: 1-888-298-6710

Faber Bankruptcy Alberta, ABFaber Inc.,Toll-Free: 1-888-298-6710
12766 – 82 Street, Edmonton, AB, T5E 0A2
Email  Evaluation  More Info/Map
(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 780-666-3896
2080 Northgate Centre (Northwoods Mall) 9499 – 137 Avenue, Edmonton, AB, T5E 5R8
Email  Evaluation  More Info/Map


Stettler – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited, 587-333-6347
4910A – 51 Street, Stettler, AB, T0C 2L0
Email  Evaluation  More Info/Map


Taber – Contact Your Licensed Insolvency Trustee

MNP Alberta BankruptcyMNP Limited,587-333-6486
4713 – 55th Street, Taber, AB, T1G 1W6
Email  Evaluation  More Info/Map


Wetaskiwin – Contact Your Licensed Insolvency Trustee

(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta BankruptcyGrant Thornton Limited, 780-666-3410
5108 – 51 Avenue, Wetaskiwin, AB, T9A 0V2
Email  Evaluation  More Info/Map


Whitecourt – Contact Your Licensed Insolvency Trustee

Faber Bankruptcy Alberta, ABFaber Inc., 780-800-4925
Toll-Free: 1-888-298-6710

12766 – 82 Street, Whitecourt, AB, T5E 2T1
Email  Evaluation  More Info/Map
(Weekdays 7am – 9:00pm. Sat. & Sun. 9am – 3pm)
Grant Thornton Alberta Insolvency TrusteeGrant Thornton Limited, 780-666-3890
#51, 10203 – 178 Street, Edmonton, AB, T5S 1M3
Email  Evaluation  More Info/Map


 

Bankruptcy Alberta

Under  Bankruptcy Alberta Laws a person who is burdened with debts they cannot repay is given a chance to have their debts eliminated so they can begin a new financial life.

Learn about Alberta bankruptcy by reviewing our website, and when you are ready you can schedule a free, no obligation consultation meeting with one of our trustees.

If you are under the misconception that in bankruptcy you will lose all of your assets, but this is not true. In many cases, people keep everything when they file bankruptcy, because you are allowed to keep most property under the AB exemptions.

Bankruptcy can be over in as little as 9 months, however if you have excess income of $100 or more a more, the bankruptcy court will rule the bankruptcy will last 21 months – or longer at the courts’ discretion.

Because you can keep all of your assets, and receive a discharge of your debts in as little as 9 months, bankruptcy can provide you a relatively quick, fresh start.

An Alberta bankruptcy trustee can also help you make a consumer proposal to your creditors.

If you are ready to learn more about filing bankruptcy in Alberta you can contact one of the bankruptcy trustees we have listed to arrange a no cost, no obligation consultation meeting.

Bankruptcy Alberta

Under the Alberta Bankruptcy Laws a person who is burdened with debts they cannot repay is given a chance to have their debts eliminated so they can begin a new financial life.

Bankruptcy Alberta - Filing Bankruptcy in AlbertaLearn about Bankruptcy Alberta by reviewing our website, and when you are ready you can schedule a free, no obligation consultation meeting with one of our trustees.

Personal Bankruptcy in Alberta

If you are having trouble staying on track financially and are facing serious money problems, you might need to consider filing personal bankruptcy in Alberta. Although there are many bankruptcy alternatives available to Alberta debtors, you might find that an Alberta bankruptcy filing is the quickest, cheapest, and easiest way to get a fresh financial start.

Filing bankruptcy in Alberta is a legal process that involves surrendering your non-exempt assets in exchange for the elimination of your unsecured debts. The bankruptcy law in Alberta is a federal law (the Bankruptcy and Insolvency Act) although Alberta bankruptcy law is slightly different than other provinces. For example, the assets an individual can keep in personal bankruptcy is set by the province.

In Alberta a debtor going bankruptcy has the follow property exempt from seizure under the Alberta Bankruptcy Exemptions determined by the Civil Enforcement Act. That means these are the assets you can keep when filing Alberta bankruptcy:

  • Equity in your principal residence to a total value of $40,000. If you co-own a residence then the exemption amount is adjusted proportionate to your ownership interest;
  • Personal assets such as tools, books and other equipment that is necessary to earn an income up to a value of $10,000;
  • One motorvehicle to $5,000 value (the value is in your equity, not the value of the asset);
  • Household furnishings / appliances of $4,000 value;
  • Clothing up to a value of $4,000;
  • Food Required for you and your dependents for the next 12 months;
  • Medical and dental aids necessary for you and your dependents;
  • RRSPs, RRIFs, and RESPs;
  • Pension plans;
  • Life insurance policies if the beneficiary is a spouse, child, grandchild or parent of the policy holder.

The exemptions if you are a bona fide farmer (primary source of income is farming operations) include:

  • 160 acres of land if your principal residence is located on that land and is part of your farming operations;
  • Personal property for the proper and efficient conduct of your farm for 12 months.

You can meet with a government licensed insolvency trustee in Alberta to discuss your options, learn about the Alberta bankruptcy process, and have all of your questions and concerns answered.

Filing bankruptcy in Alberta is a hard decision but the Trustee will provide you a free consultation. The Trustee has a professional ethical requirement to point out how you can avoid bankruptcy if at all possible. You have nothing to lose and there is no risk to speak with an Alberta bankruptcy expert.

Please contact our Alberta licensed trustee to arrange a personal consultation. The trustee will help you examine your personal situation, what you will lose if you file bankruptcy, explain the cost of filing bankruptcy, and help you explore any possible bankruptcy alternatives.

Alberta Bankruptcy Overview

What is a Licensed Insolvency Trustee (Trustee in Bankruptcy)?

In order to file bankruptcy in Alberta you need to work with a Licensed Insolvency Trustee, as only a LIT can file bankruptcy with the OSB (Office of the Superintendent of Bankruptcy). A Licensed Insolvency Trustee – previously known as a Bankruptcy Trustee or Trustee in Bankruptcy – is a licensed insolvency and debt restructuring specialist who is federally licensed by the Government of Canada to file bankruptcy and insolvency estates.

Unlike other self proclaimed debt relief “experts,” a Licensed Insolvency Trustee is an Officer of the Court. This means that only a Licensed Insolvency Trustee (LIT) can provide a full range of debt relief services, such as filing Alberta bankruptcy or making a consumer proposal.

A LIT can provide you with immediate legal protection from your creditors and relief from your debts.

Only a Licensed Insolvency Trustee can negotiate a debt relief settlement known as a Consumer Proposal with your creditors.

What Does Alberta Bankruptcy Involve?

As a federally regulated legal process, bankruptcy in Alberta involves surrendering your assets that are not protected by the bankruptcy exemptions in exchange for forgiveness of your unsecured debts. Most bankrupts that file bankruptcy in Alberta are able to keep all of their assets. If you have a high income that is over a threshold set by the government, you must pay a portion of this surplus income to your Trustee, who in turn will distribute this equally and fairly among your creditors.

Filing Bankruptcy in Alberta – FAQs

The most common 5 questions that our Alberta bankruptcy experts hear is:

Will I Lose All of My Assets When Going Bankrupt?

Alberta bankruptcy law provides a list of certain assets that a bankrupt may keep when they go bankrupt. The Alberta bankruptcy exemptions allows you to keep, amongst other assets, $5,000 of equity in your car, $40,000 of equity in your principal residence, $10,000 of equity in your tools of the trade, and your RRSPs.

You can keep other assets as well, which your Trustee will discuss with you when schedule a confidential evaluation to meet with a bankruptcy expert to discuss your financial situation.

The Alberta bankruptcy exemptions are meant to give a person filing bankruptcy a fresh financial start, while allowing the person to retain some dignity.

Just as there are exemptions to debt that can be discharged in bankruptcy, there are exemptions to the assets you must surrender to your trustee.

How Much Does Filing Bankruptcy in Alberta Cost?

The cost of filing bankruptcy in Alberta will vary depending on your income, your assets, and the size of your family unit. The basic cost of filing bankruptcy for a debtor that has no surplus income and no prior bankruptcy filings is $1,800.

This can be paid at $200 a month for 9 months, which is the minimum length of a personal bankruptcy filing in Alberta (and the rest of Canada.)

If you are required to pay surplus income to your bankruptcy estate, your bankruptcy will last longer and your bankruptcy will be more expensive. When you have surplus income (a high income that is over a government set income threshold based on your family size) you will have to pay 50% of this surplus income to your Trustee for a period of 21 months (for a first time bankrupt) or 36 months (for a second time bankrupt).

How Long Will I be in Bankruptcy?

How long you will be in bankruptcy will depend on two factors – whether you have surplus income or not, and whether you have filed bankruptcy before. A first time bankrupt with no surplus income will receive their bankruptcy discharge automatically after 9 months, while a first time bankrupt with surplus income will have their bankruptcy extended 12 months to 21 months, after which they will still receive their automatic bankruptcy discharge.

A debtor filing for bankruptcy a second time bankruptcy will receive their automatic bankruptcy discharge after 24 months if they have no surplus income, or 36 months if they do have surplus income payments to make to their bankruptcy estate.

A person can file bankruptcy a third time, although they will be required to go to court to determine the length of their bankruptcy, and in order to get their bankruptcy discharge; a third time bankrupt is not eligible for an automatic discharge from bankruptcy.

Does My Income Affect the Length of a Bankruptcy Alberta Filing?

Yes, your income will impact the length of your bankruptcy, as if you have surplus income your bankruptcy will be extended by 12 months.

If you do not have surplus income you can be out of bankruptcy in as little as 9 months, while if you have surplus income the shortest time you can be out of bankruptcy is in 21 months.

What Happens to My Debts if I File For Bankruptcy?

Alberta bankruptcy only deals with unsecured debts; you cannot discharge secured debt filing bankruptcy in Alberta. Once you have received your Alberta bankruptcy discharge, then your unsecured debts, that were included in your bankruptcy, will be legally eliminated. You will be given a Certificate of Discharge, which proves that your debt was legally discharged. Your bankruptcy discharge will not release you from the legal responsibility of paying your secured debts, debt that you incurred during bankruptcy, or certain unsecured debts such as child support or court ordered fines.
Each debtor’s situation is unique. To learn more about whether bankruptcy is right in your situation please call to speak to someone now.

We can schedule a free, no obligation, confidential evaluation meeting with a local Alberta bankruptcy expert. We encourage you to contact us for more information. We have helped thousands of Albertans get a fresh start and we can help you too. Bankruptcy is not your only option. There are many bankruptcy alternatives available, such as a consumer proposal.