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Personal Bankruptcy

The Bankruptcy and Insolvency Act permits insolvent debtors to make a voluntary assignment into bankruptcy to be released from their debts.

The debtor meets with a licensed Trustee in Bankruptcy who reviews the individual's financial affairs to determine if the individual is eligible to make an assignment in bankruptcy and to determine if there are other alternatives which may be available to the debtor.

In order to file an assignment in bankruptcy the individual provides the Trustee with a statement of their assets, liabilities, income and expenses and other pertinent information. The Trustee files the documents with the Official Receiver and notifies creditors.

A First-time bankrupt is usually released or "discharged" from bankruptcy after nine months.

The Bankruptcy and Insolvency Act does not stop secured creditors from repossessing assets provided they have a valid lien against the assets. The filing of an assignment in bankruptcy does not release any co-signers.

More Solutions

Direct Negotiation with creditors | Debt Consolidation | Consumer Proposals | Division 1 Proposals

WBLI serves clients in Nova Scotia, Canada.