These terms do not mean the same thing. Bankruptcy is a formal legal process whereby you assign your non-exempt assets to a Licensed Insolvency Trustee to be relieved of your unsecured debts. Insolvency is a term that means you are unable to pay your debts as they come due, or your total assets are worth less than the amount of your debt. You must be insolvent to file for Bankruptcy but you are not automatically Bankrupt just because you are insolvent....

Bankruptcy is a legal process that provides immediate relief from your unsecured debt burden, the most common example being credit card debt. It is important to note that certain types of debt are not wiped out or addressed by declaring bankruptcy, which means it's not necessarily an all-encompassing solution for your financial challenges.

Filing for Bankruptcy should not affect your job. Some professional bodies may require you to disclose your Bankruptcy. If you’re bonded in your current position, you may want to contact your human resources department to confirm if there will be any impact on your job/duties.

Once you file for Bankruptcy, the Licensed Insolvency Trustee must notify all your creditors. The Canada Revenue Agency, credit reporting agencies and the federal government's Office of the Superintendent of Bankruptcy will also be informed. A Bankruptcy is a matter of public record with the federal government's Office of the Superintendent of Bankruptcy, and it will appear on your credit report. Your employer is not usually notified unless the...

You can find all forms in our Forms section. Please keep in mind we do not require you to fill these out before your appointment. If you have any questions about any of the forms, feel free to contact us .

The federal government provides guidelines to all Licensed Insolvency Trustees to help them determine if an individual or family has surplus income obligations. Your threshold for surplus income is calculated based on the number of dependents in your household and your net family income. Net family income refers to how much you earn after deducting income taxes, payroll deductions, essential medical expenses, alimony, child support, and childcare...

When you file for Bankruptcy, unsecured creditors will be allowed to file a claim with the LIT for the amount they are owed to receive their share of any funds distributed in your Bankruptcy. Your creditors will deal directly with the Licensed Insolvency Trustee and are required by law to stop contacting you regarding collections immediately. If a creditor persists in contacting you, you should notify the Licensed Insolvency Trustee immediately....