The Bankruptcy and Insolvency Act requires that all Bankruptcies be filed by a Licensed Insolvency Trustee.

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.

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.

Initiating Bankruptcy proceedings may be appropriate if you’ve considered all of your other debt relief options. If you are unable to 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.

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.

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

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,...