How Do You Place Yourself In Bankruptcy

2014-06-13

Bankruptcy is a legal state. To place yourself in bankruptcy you must execute a number of documents with a licensed Trustee in Bankruptcy (like those that work for MNP Ltd.). You will only be placed in bankruptcy after you have met with a Trustee and determined that bankruptcy is the best debt solution for you, based on your particular situation and province of residence. There are other alternatives like a Consumer Proposal that you should discuss before you determine which debt relief option is best for you.

When filing for bankruptcy, the documents you will sign include a statement of your assets and debts, a statement of your income and expenses and an understanding of your duties as a Bankrupt, among others. We will help you prepare those documents and explain them in detail so you understand the process and the implications. Once you have signed the documents, they are filed with the Federal Government (Office of the Superintendent of Bankruptcy) and the process begins. As soon as the documents are filed, a Stay of Proceedings goes into effect. This means creditors can no longer phone you, sue you or garnish your wages.

Latest Blog Posts

2025-06-30

How do I respond to creditors?

Caryl Newbery-Mitchell

Credit Counselling

Here are the ABC’s of dealing with creditors and debt collectors.

Read More

2025-06-25

How to budget for inflation

John Athanasiou

The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.

Read More

2025-06-19

Options to consider if you can’t pay back your student loans

Dean Prentice

With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies. 

Read More

Consultation icon