Personal Bankruptcy



Suppose you have found yourself in a position where you cannot pay off your mounting debts. In that case, it may be time to consider declaring personal Bankruptcy in Edmonton with the help of the professional Trustees at Fox-Miles & Associates.  Declaring personal bankruptcy is one of the available debt relief solutions to help clear your debts and give you the fresh financial start you need.  If you are considering declaring personal bankruptcy, our compassionate Licensed Bankruptcy Trustees will walk you through every step.  Fox-Miles & Associates have been helping clients in Edmonton and surrounding areas for over two decades.

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Mounting debt can sometimes happen suddenly or gradually, depending on certain life events.  The earliest sign of impending financial difficulties is when you start missing payments on debts such as mortgages, car loans, or credit card statements.  Unfortunately, life events out of your control, such as a job loss or divorce, may lead to sudden financial stress.  If you are in a difficult financial situation, do not wait for things to worsen.  We recommend setting up a consultation with a credit counsellor.  The counselling sessions will help you with strategies to manage your finances moving forward and outline potential debt relief solutions if you need to go down that road.


Not everyone qualifies for bankruptcy. According to the Bankruptcy and Insolvency Act, there are general qualifications that you must meet to be eligible for bankruptcy. First, you must be a Canadian resident. Second, you must be unable to pay your bills when they come due. Third, you must owe more than $1,000.

Remember, these are just general qualifications. There are other factors to consider in declaring bankruptcy.  Personal bankruptcy is for those who cannot pay down their debt after paying for a basic cost of living.  If you want a fresh financial start, bankruptcy allows for specific advantages.  It gives you legal protection from creditors and eliminates the majority of unsecured debts.  It is relatively inexpensive compared to the debt cost, and you can usually be debt-free within 9-21 months after a first bankruptcy.


The first step in the personal bankruptcy process is scheduling a free initial consultation with one of our licensed insolvency trustees. Our trustees will review your financial statements, income, credit history, monthly bills, and outstanding debts.  We will provide you with a thorough evaluation of your financial situation and outline which remaining options are available to pay off your debts.

If personal Bankruptcy is your most viable option, you and your trustee will work together to complete the necessary forms to file for bankruptcy.


Once you have declared bankruptcy, our trustee will deal with your debt collectors and creditors.  We also can sell off your non-exempt assets and hold the profit in a trust to pay off your creditors.  You will discontinue any payments you have made to them and no longer need to pay off debts. Your creditors will no longer garnish your wages but may request a meeting with you and your bankruptcy counsellor.

During this time, the court will legally require you to attend a minimum of two credit counselling sessions.

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Do not let debt impede your financial future.  It is time to clear it out of your life and get the fresh financial start you deserve.  Contact Fox-Miles & Associates to schedule your free consultation if you are considering personal bankruptcy.

Frequently Asked questions

Is Credit Counselling a Good Idea?

Yes, for you to learn about credit.   But be careful that the credit counselling is legitimate.  A credit counsellor can only explain things to you.  A Licensed Insolvency Trustee is the only party able to issue a Stay of Proceedings to allow a debtor to look at the options.  In some provinces, Alberta is one, Credit Counselling Services offers the Orderly Payment of Debt Program, and Credit Counselling Services is the only party to provide the program.

Does Credit Counselling Affect Your Credit Report?

Credit counselling does not affect your credit report unless you sign legal documents with a Licensed Insolvency Trustee or the OPD program. There are mandatory counselling sessions that a Licensed Insolvency Trustee must provide.

Will Credit Counselling Hurt My Credit?

If a “credit counsellor” requests a copy of your credit report, it will affect your credit rating.  If you do not make total payments to your credits, it will affect your credit rating.

Who Provides the License for an Insolvency Trustee?

Federal Legislation “Bankruptcy & Insolvency Act” provides that the Governor-General of Canada appoint a Superintendent of Bankruptcy.  The Superintendent of Bankruptcy issues licenses to Trustees once the Trustee completes a vigorous training regime.  A LIT must have a degree (or challenge the Superintendent) and then train as a Trustee – generally, at least an additional three years, if not more.

When Should I See a Licensed Insolvency Trustee?

A licensed insolvency trustee and a Court Officer have trained in aspects of credit that many others are not.  Everyone’s situation is different, and the Trustee must anticipate the scenario to the debtor.  The Superintendent of Bankruptcy regulates a Licensed Insolvency Trustee.  A Licensed Insolvency Trustee can issue a Stay of Proceedings, which stops all collection actions. Garnishees, phone calls etc.

What Questions Will the Trustee Ask Me?

The Trustee will ask for your income, expenses, assets, liabilities, and family size.  These first questions assist the Trustee in determining which options would be best.