Bankruptcy Help

Disclaimer:
The information provided on this website does not, and is not intended to, constitute legal advice or an offer for services that can only be provided by a Licensed Insolvency Trustee. All information, content, and materials available on this site are for general informational purposes only. While we strive to provide accurate and up-to-date information, it may not always reflect the most current legal or other developments. Visitors to this website should not act upon the information provided without seeking professional legal or financial advice. This website may contain links to third-party websites for the convenience of the reader. Solutions Credit Counselling Service Inc. and its offices do not recommend or endorse the contents of these third-party sites, and we are not responsible for the accuracy or reliability of any information, opinions, advice, or statements made on these sites.
The information provided is general and educational information about the Consumer Proposal process.
Visitors are encouraged to consult with a qualified professional for advice tailored to their individual circumstances.

Financial insolvency is an unfortunate but realistic part of Canadian economic life for many. For the most part, bankruptcy is all about lifes’ circumstances.

One of the main purposes of bankruptcy legislation is to afford the opportunity to people, who are hopelessly burdened with debt, to free themselves of the debt and start fresh with “a new financial lease” on life.

To go bankrupt it is necessary for a person to be insolvent. To be insolvent means to:
a) Owe at least $1000
b) Not be able to meet your debts, as they are due to be paid.

Will My Creditors Stop Harassing Me?

Yes, they will. By law, all actions against a bankrupt must cease once the documents are filed. This however, does not apply to secured creditors such as banks holding, for example, a lien on a car or a mortgage.