What Is Bankruptcy In Canada
Bankruptcy in Canada is a legal avenue for those drowning in debt to reset financially, primarily governed by the Bankruptcy and Insolvency Act.
It involves liquidating assets through a trustee to pay off creditors or opting for a consumer proposal to satisfy debts while keeping some assets, despite its impact on credit ratings and potential asset loss.
Personal Bankruptcy
- Overcome financial distress with our personal bankruptcy services in Canada, offering a fresh start and debt relief.
- Navigate the process smoothly with our experts, ensuring fair treatment and asset protection.
- Regain financial stability and confidence through strategic debt management and rebuilding guidance.
Corporate Bankruptcy
- Resolve insolvency and rejuvenate your business with our corporate bankruptcy guidance in Canada.
- Ensure fair creditor settlements and protect your interests with our expert-led process.
- Address debt, improve credit management, and rebuild confidence with our strategic solutions.
Why File Bankruptcy
Filing for bankruptcy in Canada provides a legal solution for those overwhelmed by debt, offering relief from creditors and a chance to eliminate unsecured debts for a fresh financial start.
It stops collection actions like wage garnishments, despite the repercussions on credit and potential asset loss, paving the way for financial recovery and stability.
The choice between bankruptcy and a consumer proposal depends on individual financial circumstances. See our full breakdown of filing a consumer proposal vs filing for bankruptcy.