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There are two options for Canadians under our Bankruptcy law. For most individuals, Bankruptcy is a relatively streamlined process referred to as a Summary Administration. However, depending on the amount of assets an individual owns, an Ordinary Administration may be applicable.
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 in order 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 all of your debt. You must be insolvent in order to file for Bankruptcy but you are not automatically bankrupt just...
Chapter 7 is a section of the United States Bankruptcy code (law) which is used by individuals to file for Bankruptcy in order to get a fresh financial start. This law does not apply in Canada.
Chapter 11 is a section of the United States Bankruptcy code (law) which is used by businesses to obtain protection from creditors while it restructures its operations so that it can sustain itself in the future. This law is similar to the two Acts that apply to companies in Canada, the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (CCAA) .
Chapter 13 is a provision in the United States bankruptcy code (law) which is comparable to the Consumer Proposal option under Canadian Bankruptcy law.
I was so discouraged by the debt I had left after my husband passed away that I knew I had to do something different and fast. After checking debt solutions on the internet and picking MNP, I felt comfortable talking to their agent and the response was quick and efficient. I have now been debt free and feel so much better both financially and in my actions that I feel that I can now look forward to a financial freedom life. This is so rewarding...
