Bankruptcy is a solution that is available if you lack the resources to pay your debt obligations or to file a proposal.
Bankruptcy will provide you with immediate protection from your creditors, in that collection calls, most garnishments and legal actions will stop.
How do I go bankrupt?
- Step 1: Meeting with a Licensed Insolvency Trustee or Administrator to discuss your financial situation.
- Step 2: Providing the Licensed Insolvency Trustee or Administrator with copies of all relevant financial information in order to finalize your Bankruptcy documents.
- Step 3: Signing the Bankruptcy documents, which are then filed with the Office of the Superintendent of Bankruptcy.
ONCE YOUR BANKRUPTCY IS FILED, YOU RECEIVE IMMEDIATE PROTECTION FROM YOUR CREDITORS.
How long will the process take?
Depending on the nature and extent of your debts:
- for a first time bankrupt: 9 to 21 months
- for a second time bankrupt: 24 to 36 months