How Does Bankruptcy Work? Steps 1-10
Overview of the Bankruptcy Process or Procedure in Canada
Learn the basics about how bankruptcy works in Canada with this guide. Find out about the rules and process of how to file or apply for bankruptcy in order to eventually be discharged.
The bankruptcy process in Canada (declaring bankruptcy) is a big step and not one to take lightly. Once you assign yourself into bankruptcy, it is extremely difficult to change your mind.
Do yourself a favour and make sure that you have explored alternatives to bankruptcy before you decide to go bankrupt. Applying for bankruptcy will impact your life in many ways. No matter how difficult your money problems may seem today, something this important with long term consequences that you might not be fully aware of, is worth considering carefully.
Note: This summary of the steps involved in the personal bankruptcy process is based on information from the Office of the Superintendent of Bankruptcy website.
Getting Rid of Debt
We’re happy to help you figure out your options. There are more than you might think.
Canada has 2 insolvency options, a consumer proposal or bankruptcy. Find out how they stack up.
Are you curious about what credit counselling is or how it works? Here’s what you need to know.