If you need a personal loan after Bankruptcy, you will likely have to obtain a co-signor depending on the state of your credit. A co-signor is an individual that promises to pay your debt if you cannot pay it yourself.

Filing Bankruptcy will not affect your spouse’s credit rating. However, if you have any joint debt, your spouse would be responsible for paying that joint debt in full.

The only way to file for Bankruptcy in Canada is through a Licensed Insolvency Trustee. The first step when filing for Bankruptcy is to contact a MNP Licensed Insolvency Trustee to discuss your debt options. If filing for Bankruptcy is the right step for you, your Licensed Insolvency Trustee will guide you through the Bankruptcy process.

If you owe more than $1,000 and you are unable to pay back your debt, you may be eligible for Bankruptcy.

Assuming you have a regular source of income, you should be able to obtain a loan to purchase a vehicle after the discharge from your Bankruptcy. However, the interest rate that is payable on that loan will likely be higher to reflect the higher credit risk as a result of your Bankruptcy.

Bankruptcy services are not provided for free. If you are filing for Personal Bankruptcy but aren’t financially able to afford the cost, there is a Bankruptcy assistance program available through the federal government's Office of the Superintendent of Bankruptcy that may help.

There are various duties required of you when you go Bankrupt (some of which are described here). If you do not complete them, the Licensed Insolvency Trustee may obtain its discharge from administering your Bankruptcy, thereby leaving you in Bankruptcy. This will essentially put you back into the same situation as you were prior to filing for Bankruptcy, wherein all of your unsecured creditors can once again pursue you directly for payment of the...

Licensed Insolvency Trustees, like those at MNP Ltd., work with you one-on-one to understand your financial challenges, let you know what all of your options are and help find a solution that’s right for you. If you declare Bankruptcy or file a Consumer Proposal, your trustee will help you fill in all the required documents and file them with the federal government's Office of the Superintendent of Bankruptcy. Your Trustee will also let your creditors...

If you declare Bankruptcy in Saskatchewan you can keep: Clothing, including jewellery that does not exceed $7,500; Required medical and dental aids; All household furnishings, utensils, equipment and appliances; Domestic animals kept solely as pets up to a value of $2,000; One motor vehicle not exceeding $10,000; Tools of trade (other than motor vehicle) required to earn income; Prepaid funeral services;...

If you declare Bankruptcy in Prince Edward Island, you can keep: Motor vehicles of the debtor up to a value of $3,000 or $6,500 if required for work; Appliances and household furnishings up to a value of $5,000; All necessary and ordinary clothing of the debtor and his family; In the case of a debtor other than a farmer, tools, instruments and other chattel ordinarily used by the debtor in his business, trade or calling,...