Help with Personal Bankruptcy in Canada
For individuals considering a personal bankruptcy in Canada, it is understandably a high stress process with many complexities to consider. Our team can help you navigate these complexities as well as consult with you on ensuring you have a clear understanding of the options
Personal Bankruptcy Lawyer Help
The first step in pursuing personal bankruptcy is to engage a firm such as ours to review your current situation and discuss the options that are available. Even if you qualify for personal bankruptcy (see below), there are options available that may be preferable and avoid some of the downsides of declaring bankruptcy. We can assist with assessing your personal finance situation and understanding the options that exist and ensure that you understand all of the implications of declaring a personal bankruptcy.
Engaging a professional is not only recommended but required by law in Canada to ensure that all of the necessary steps are carried out and that the bankruptcy process is correctly filed and administered. Our firm can assist with this process to ensure that once your bankruptcy is finalized, you can move on with peace of mind and focus on rebuilding your finances.
Main Laws and Rules
Personal bankruptcy in Canada is governed by The Bankruptcy and Insolvency Act (BIA) of legislation, which stipulates the requirements of whom can pursue bankruptcy and how a bankruptcy process is administered. Licensed trustees administer bankruptcy under the guidelines of the BIA to ensure the process is executed correctly. The objective of the BIA is to ensure that individuals who can no longer afford their basic cost of living are entitled to make a fresh start financially.
To qualify for personal bankruptcy you must meet the following general requirements:
- You must be a resident of Canada,
- You are unable to pay your bills when they are due, and
- You owe more than $1,000
These broad criteria are fairly low, so even if an individual meets them, they may not want to pursue bankruptcy to address their debt issues.