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,...

If you declare Bankruptcy in Ontario, you can keep: Household furnishings and appliances not exceeding a total value of $14,180 For debtors engaged solely in the tillage of the soil or farming (i.e. farmers): not exceeding $31,379 for livestock, fowl, bees, books, tools and implements, and other chattels ordinarily used by the debtor in the debtor’s occupation For self-employed debtors: Tools of trade not exceeding $14,405...

If you declare Bankruptcy in Nunavut, you can keep: Household Goods – unlimited Clothing – unlimited Food – for the next ensuing 12 months Tools of Trade – unlimited Hunting Tools (including vehicles and ATVs) – unlimited Residence – up to $35,000 Vehicle – unlimited Medical Aids – unlimited

The cost of a Licensed Insolvency Trustee administering a Personal Bankruptcy is based on many factors. This will be discussed with you at your confidential meeting with the Licensed Insolvency Trustee.

The length of the Bankruptcy process will depend on any asset repurchase and on your final calculated surplus income, if any. Where the total household income exceeds the standards set by the federal government, then additional payments called ‘surplus income’ must be made to your Licensed Insolvency Trustee during your Bankruptcy (Directive 11R, Bankruptcy and Insolvency Act ). If you meet and fulfill your duties and payments in a timely manner,...

Once your Bankruptcy is accepted, you will typically make monthly payments to your Licensed Insolvency Trustee, as agreed upon by you and the Licensed Insolvency Trustee. Your Licensed Insolvency Trustee will distribute any funds received through the Bankruptcy to unsecured creditors at the end of the Bankruptcy as required under the Bankruptcy & Insolvency Act . Click here to learn more about how those payments may be determined.