Personal Bankruptcy

When you’re overwhelmed by crushing debt, a personal Bankruptcy will provide a fresh start and could be the Life-Changing Debt Solution you’re looking for. Choosing to file for Bankruptcy is a serious decision which may not be for everyone. Our Licensed Insolvency Trustees will explore all the options available to resolve your debt challenges and walk you through the Bankruptcy process to see if it’s the right choice to eliminate your debt once and for all.

Licensed Insolvency Trustee holding up a piece of paper and advising a person on bankruptcy options.

Consumer Proposal vs Bankruptcy

Consumer Proposals and Bankruptcies are both government legislated options which can provide you with relief from significant debt problems. In addition, both debt solutions can only be administered by a Licensed Insolvency Trustee and provide a legal stay of proceedings which require creditors to discontinue harassing collection calls, garnishment or other legal proceedings.

Determining which, if either, option is an appropriate solution in your own unique situation depends on a number of variables. Let’s explore the advantages and disadvantages of both a Consumer Proposal and a Bankruptcy.

Compare Your Options

Is Filing For Bankruptcy the Right Choice For You?

Filing for Bankruptcy in Canada may be the right choice if you:

  • Have had your wages garnished 
  • Are unable to make your credit card and loan payments on time
  • Receiving Past Due Notices and Debt Collectors are calling

What to Expect When Filing for Bankruptcy

Declaring Bankruptcy is a legal process that will be managed by one of our Licensed Insolvency Trustees. Your Licensed Insolvency Trustee will help you, amongst other things, fill in all the paperwork required to declare Bankruptcy, inform your creditors, stop wage garnishments and help prevent further legal action against you.

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More than half (54%) of Ontarians within $200 of financial insolvency; up 13 points since December, reaching a five-year high

Caryl Newbery-Mitchell

MNP Consumer Debt Index

More than half (54%) say they are $200 or less from not being able to cover their monthly bills and debt obligations, a whopping 13-point jump from December. Compared to the other provinces, Ontarians are the most likely (32%, +10pts) to report they are already insolvent with no money left to cover their payments at month-end.

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