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.

Initiating Bankruptcy proceedings may be appropriate if you’ve considered all your other debt-relief options. If you cannot pay your debt as it comes due and the net worth of your assets is less than the total amount of your debt, Bankruptcy may be an option.

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....

It is a piece of legislation that governs the administration of a Bankruptcy estate and oversees the distribution of its value to the Bankruptcy estate’s creditors, while providing a financial fresh start for individual debtors. Both Bankruptcies and Consumer Proposals are debt solutions under the Bankruptcy and Insolvency Act.