What is Bankruptcy
Bankruptcy is an insolvency process under federal legislation with contributing provincial laws administered by the court of queens to get you a fresh start with your finances with help learning to identify the risk factors that lead to bankruptcy and how to prevent a future bankruptcy.
What Do You Need To Qualify For A Bankruptcy Declaration?
- Owe more than $1000
- You are insolvent
- Live or do business in Canada
- Have more debts than assets
Benefits Of Bankruptcy
Bankruptcy provides an automatic stay. All creditors get notified, and all actions against you are halted when you file for bankruptcy. Lawsuits, wage garnishments, and collection calls stop.
You have protection. The Bankruptcy & Insolvency act protects you by the terms and conditions of the act. All parties are on an equal playing field.
Bankruptcy clears unsecured debts. All your unsecured debts get dealt with during bankruptcy, minus a few exceptions. Credit cards, tax debts, payday loans, lines of credit and unpaid bills get resolved.