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Welcome to Bankruptcy Quebec
The purpose of our Bankruptcy Quebec page is to provide individuals from Quebec who are struggling with debt information they need to make an informed decision about filing bankruptcy in Quebec.
This Bankruptcy Quebec page provides personal Quebec bankruptcy and consumer proposal (the #1 alternative to bankruptcy) information to Quebec residents. The information on this site is for informational purposes only as every person’s financial troubles are unique.
If you would like specific information on bankruptcy or any bankruptcy alternatives that could fit your financial troubles please contact one of our Quebec bankruptcy experts in your area to schedule a no-charge, risk free initial evaluation meeting. Bankruptcy Quebec can help solve your money problems.
We believe it is important that you explore all of your debt elimination options, as bankruptcy in Quebec is not the right solution for every debtor.
We are proud to offer every individual in Quebec trapped in debt a free consultation. You can contact one of our bankruptcy experts to arrange a personalized evaluation or to have your questions answered over the phone.
Quebec Bankruptcy Information
Bankruptcy in Quebec is a federally regulated legal process for residents who have no realistic way of paying off their debt. The purpose of filing Quebec bankruptcy is to get a fresh financial start. Bankruptcy will help you get out of high interest debt, stop making many payments to different creditors, and will stop all collection actions such as wage garnishments, collection calls, and lawsuits.
If you have $1,000 or more in unsecured debt, you are eligible for filing bankruptcy in Quebec.
As with the rest of Canada, residents of Quebec must file for bankruptcy through a licensed insolvency trustee.
Licensed Insolvency Trustees in Quebec
The Quebec bankruptcy rules are found in the Quebec Civil Code, and the rules of bankruptcy are different in Quebec than the rest of Canada.
Before you make a decision about whether bankruptcy is right for you, it is important that you consult a Quebec bankruptcy expert. You can schedule a free and no obligation evaluation with all of our trustees so there is nothing for you to lose but your debts!
All of our Quebec Licensed Insolvency Trustees (formerly known as a bankruptcy trustee) are professional members of the CAIRP (Canadian Association of Insolvency and Restructuring Professionals) and this means that they are all subject to the highest ethical practices. You can always trust the advice of your trustee as they are required to give you honest and straightforward advice. If your trustee tells you that bankruptcy is the right solution for you, you can feel confident it is true. Your trustee might also be able to tell you how you can avoid bankruptcy.
Our Quebec bankruptcy professionals offer a free consultation and will respond, in confidence, to your questions about bankruptcy in Quebec and Quebec bankruptcy laws.
Personal Bankruptcy in Quebec
Bankruptcy is your right as a consumer, which provides protection from your creditors, eliminates your unsecured debts, and gives you a fresh start.
If you have no other options for getting out of debt, bankruptcy could be the ideal solution for you, which allows you to regain control of your financial situation and will give you a fresh start.
You can even rebuild your credit after filing bankruptcy.
Once you have completed your bankruptcy and gotten your discharge from bankruptcy your unsecured debts such as credit card debt, car loans, tax debt and student loan debts will be eliminated.
Stop Creditor Harassment
Once you have filed bankruptcy you will be protected by the Bankruptcy & Insolvency Act and your creditors will not be able to collect from you or even contact you in any way. You will also stop making payments on your unsecured debt.
When you have entered into bankruptcy your trustee will set up a trust and collect your assets that are not exempt and hold them in this trust. Your trustee will sell these assets and distribute the funds to your unsecured creditors included in the bankruptcy.
However, you do not need to surrender all of your assets. Quebec bankruptcy law protects certain assets of a bankrupt from seizure. This is only a partial list so please contact a trustee to learn if you can keep all of your assets when going bankrupt in Quebec:
Clothing, food, and fuel for the bankrupt’s family;
Monetary support awarded through adjudication;
Tools of the trade necessary for a bankrupt’s profession;
Necessary household furnishings to a value of $6,000 (value is in the equity you own in the furnishings);
Property that was donated or inherited by the bankrupt that the giver has declared as exempt.
One of the jobs of the trustee is to administer the trustee and make sure that your creditors receive at least some of the monies they are owed.
What are the Advantages and Disadvantages of Filing Quebec Bankruptcy?
Bankruptcy in Quebec is a legal process that provides clear advantages, as well as a few drawbacks. The biggest advantage of filing bankruptcy is you get a fresh start, free of your overwhelming unsecured debts.
Bankruptcy also stops collection calls and other creditor harassment such as wage garnishments and lawsuits, and you will be given mandatory financial counselling that will help you manage your finances in a successful manner in the future.
You should also be aware of the disadvantages of filing bankruptcy. The most damaging impact of bankruptcy is often the damage to your credit. However, we find that most debtors filing bankruptcy already have a very poor credit rating, and in fact, bankruptcy gives you a chance to rebuild your credit.
You might also lose certain assets when going bankrupt.
Learn More Today – Discuss Bankruptcy & Your Options
You can fill out our confidential evaluation form or contact one of our local trustees by email or on the phone to learn more about bankruptcy and to discuss other potential alternatives to bankruptcy that might be more suitable for your financial challenges.
Our trustees are friendly, caring and licensed by the Canadian government.