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Bankruptcy, a misunderstood solution to debt problems that carries a bad reputation. However, it can help to free yourself from the burden of your debts and regain control of your budget.

In consultations, we hear all sorts of horror stories. People end up being confused by talking to people here and there. Everyone has their own idea of how bankruptcy works, which debts can be discharged, and what assets you might lose or keep.

A Licensed Insolvency Trustee is the best person to guide you and provide information to help you make the best decision suited your situation.

First misconception: everyone will know about it. In fact, your bankruptcy file will not be made public or accessible to everyone.

Furthermore, the majority of government debts can be included in bankruptcy and discharged upon release.

Also, there are fewer and fewer assets seized by the trustee after bankruptcy. Whether it’s your RRSPs, your car, or your house, we always find a solution to help you keep what you don’t want to lose.


How much does bankruptcy cost? 

Well, the amount you will have to pay depends on your net income, what is deposited in your bank account. The average cost for a first bankruptcy is $2,000, spread over monthly payments. For a second bankruptcy, the average is around $2,400, again spread over several months.


How long does it lasts? 

That depends on your income and whether it’s your first or second bankruptcy. Generally, a first bankruptcy lasts 9 months but can also last 21 months. A second bankruptcy lasts 24 months but can also last 36 months. When does it add an extra 12 months? If you have higher income than the average Canadian.

This will be discussed in-depth during the initial consultation, which is free of charge, with no obligations, either in person or virtually.


How do you feel after going bankrupt?

It’s a huge weight off your shoulders, no more unknown numbers and collection calls, no more threats of seizure, no more bailiffs at the door. You can keep most of your assets while erasing all or almost all of your debts.

So now, does bankruptcy seem like a good solution?


For a future beyond debt, consult a trustee by visiting or calling (800) 567-1905. The first consultation is in person or virtual and comes with no obligations.


Stephan V. Moyneur

CIRP, Licensed Insolvency Trustee

Official Office: St-Jérôme
Phone: 450-990-1277

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