Declaring Bankruptcy in Canada

Title 1

1

Acknowledge Your Debt Situation

The first step to declaring bankruptcy in Canada is to acknowledge that you are having a debt problem that you believe is to serious to work out on your own. Common signs of a serious money problem include:
  • Your credit cards are at, or over, their limits;
  • You are using one credit card to make the payment on other credit cards;
  • You are using credit card cash advances to pay monthly bills;
  • Collection calls demanding payment on your debt that you cannot make are becoming a nuisance;
  • You have received a legal action notice.
People that are struggling with debt have options. Your first step in getting out of debt is to explore all of the debt relief options available to Canadians. Declaring bankruptcy can help you get your fresh financial start!

Learn More Now

Only a personal bankruptcy or consumer proposal will provide immediate debt relief and protection from creditor harassment.

You are not alone: 125,878 Canadians became insolvent in 2016


2

Find a LIT (Licensed Insolvency Trustee) to Help You Understand Your Debt Relief Rights

A Licensed Insolvency Trustee (LIT) is the only debt relief expert in Canada who is licensed to administer to a bankruptcy filing or a consumer proposal. If you want to declare bankruptcy in Canada or make a legally binding proposal with your creditors you must use the services of a LIT. The Trustee will help you understand the bankruptcy process, how you can reduce your debt by 70% with a consumer proposal, and other debt relief options. When you choose a Trustee to work with ensure that:
  • You feel comfortable with the Trustee. Make sure you understand their answers to your questions;
  • Your Trustee to responds to your concerns in a timely manner;
  • You have access to your Trustee.
All trustees that are listed with Bankruptcy Canada are licensed by the Canadian government. Find a Licensed Insolvency Trustee to Help You Get Out of Debt >>

Learn More Now

Learn More Now

Learn More Now

Learn More Now

Learn More Now