Services for Individuals
Personal Bankruptcy may be the only solution to individuals who cannot manage the amount of their debts. One of the purposes of the Bankruptcy and Insolvency Act is to allow the rehabilitation and a fresh start to those overburdened with personal debts. Bankruptcy may be a positive decision for those who have no other alternative, as it ends a long period of stress, angry calls from creditors, tensions within the family, health problems and low productivity at work. Once filed, it will stay most seizures and legal proceedings. Many persons admit feeling relieved after filing for bankruptcy. Several pre established factors will determine the length of a bankruptcy and the amounts to be paid to the Trustee: occurrence of one or more prior bankruptcies, net income and number of dependants the family, or the filing of an objection to the discharge of a bankrupt individual by a creditor or by any other interested party. Unless exempt from seizure assets of a person filing for bankruptcy will be remitted to the Licensed Insolvency Trustee. These assets will then be sold and proceeds remitted to the creditors of the individual filing for bankruptcy.
Joint bankruptcies and proposals
Spouses whose have are responsible jointly for most of their debts may file a joint proposal or a joint bankruptcy.
Individuals with Canadian debts living outside of Canada
Individuals with Canadian debts living outside the country may file a Canadian bankruptcy or proposal when certain conditions are met. Do not hesitate to contact our office to be provided with more information on how to proceed.