Bankruptcy is a legal proceeding that is available to an honest but unfortunate debtor to cope with a financial crisis. Contact us today to see if you qualify!
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More About Bankruptcy
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.
To speak directly with an expert, contact Debt Canada at: