What is bankruptcy?
- A solution to write-off your debts.
- A legal process administered by a licensed insolvency trustee (LIT).
- The LIT determines the value of your assets and establishes which ones can be used to repay your debts.
The bankruptcy process step-by-step
- Meet with one of our counsellors to assess your financial situation.
- Determine which of your assets are exempt from seizure and which ones will be sold to pay your debts.
- List all your debts. Some might not be erased by bankruptcy.
- Depending on your income, only one monthly payments to the Trustee until you are discharged from bankruptcy.
Advantages of a bankruptcy
- Allows you to erase your debts and make a fresh start.
- Ends any collection action by your creditors.
- Protects you against all legal proceedings, including wages garnishment.
- You make only one monthly payment.
- Two free budget counselling sessions.
- Opportunity to rebuild your credit.