Bankruptcy is a legal process designed to help individuals or businesses eliminate their debts when they are unable to repay them. Filing for bankruptcy provides a fresh financial start but also has significant consequences.

Personal bankruptcy is a legal process that provides relief to individuals unable to repay their debts. It allows them to eliminate or restructure their debts under the guidance of a Licensed Insolvency Trustee (LIT).

In Canada, student loans are subject to specific rules in bankruptcy. These loans can only be discharged if at least seven years have passed since you ceased being a student.

Bankruptcy is a legal process designed to provide relief to individuals or businesses unable to repay their debts. It involves the liquidation of assets and distribution of proceeds to creditors, overseen by a Licensed Insolvency Trustee (LIT). 

Bankruptcy in Canada is governed by the Bankruptcy and Insolvency Act (BIA), a federal law that outlines the process for individuals and businesses to eliminate or restructure their debts while providing fair treatment to creditors. 

In Canada, student loans are subject to specific rules in bankruptcy. These loans can only be discharged if at least seven years have passed since you ceased being a student.

A consumer proposal is a formal agreement with your creditors to settle debts for less than the full amount owed. It allows you to avoid bankruptcy while providing a manageable repayment plan.

Secured debt is a type of loan backed by collateral, such as a house, car, or other valuable asset. If the borrower defaults, the lender can seize the collateral to recover the debt. 

Debt consolidation involves combining multiple debts into a single loan with a lower interest rate. This simplifies payments and may reduce overall financial strain. 

The process by which a person voluntarily places themselves in Bankruptcy. Most bankruptcies in Canada are voluntary.