Personal Bankruptcy

Personal bankruptcy is a legal process that can get you a fresh start, but personal bankruptcy is not the only way to fix your debt problem. There are other options, many debt solutions, besides declaring personal bankruptcy, such as:

• getting a debt consolidation loan, one of the options we can explain in detail
• enrolling in a debt management program;
• getting tax debt advice, which we can provide you, so that you can deal with Canada Revenue Agency debt; and
• filing a consumer proposal (in some circles also referred to as a “consolidation”), which has become increasingly more common, and which we have lots and lots of experience dealing with.

When you file for bankruptcy, it does not mean you lose all of your assets.

When you file for bankruptcy or file a consumer proposal it is possible to keep both your car and your house, as well as other assets – which goes against common beliefs, and, like a consumer proposal, bankruptcy is a legally binding process, which means it should end:

• Collection calls, garnishee proceedings other legal actions threatened against you.

During your bankruptcy (or your consumer proposal), you will:

• attend two credit counselling sessions which are designed to help you avoid future financial problems, and;
• learn important money management skills, in addition to providing you with credit repair advice.