Bankruptcy
The personal bankruptcy
A solution to your debts and financial problems
The purpose of the personal bankruptcy process is to give individuals encountering financial problems a chance to a fresh start.
1
Are you insolvent?
You are insolvent if you are unable to meet your financial obligations as they come due and if the eventual sale of your goods and assets would not permit the reimbursement of your debts.
2
What is bankruptcy?
A bankruptcy petition by a debtor consists in suspending all legal procedures instituted by his creditors. Through this process, you place yourself under the protection of the law in regards to bankruptcy and insolvency. From that point on, all legal recourse (wage garnishment, utility services cut-off, etc. undertaken against you by creditors are suspended and, as a result, you will no longer receive harassing phone calls from certain creditors, either at home or at your office.
Which assets are exempt from seizure?
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- Household furniture in your principal residence, up to a value of $6,000.
- Food, personal items and clothing required for household daily functions.
- Tools necessary to your work or trade.
- Pension plan benefits.
- Disability benefits under a health or disability insurance policy.
- Child tax benefits.
- Employment insurance benefits.
- Social security benefits.
- RRSP to which you’ve contributed for more than one year.
Evaluate your situation
Bankruptcy
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