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You become bankrupt upon the appointment of your Licensed Insolvency Trustee by an Official Receiver, a person who works in the Office of the Superintendent of Bankruptcy. From that moment on, you lose all your rights to deal with your assigned assets. All...

Within 5 days after your Trustee receives the Certificate of Appointment from the Official Receiver, your Trustee sends a Notice to Creditors, which notifies all creditors about the fact your bankruptcy has occurred; the possibility of a First Meeting...

The most common method of filing bankruptcy is for you to file an Assignment In bankruptcy.  You choose your Trustee to act in your Assignment.  You choose the filing date, at which time all the documents are signed. Your Trustee delivers some of...

The cost of filing a first time bankruptcy are set out under the Bankruptcy and Insolvency Act. Therefore, the cost of filing your bankruptcy should be the same anywhere in Canada.   There are several minimum direct costs associated with filing...

You must meet in person with your Licensed Insolvency Trustee to obtain:  ✔   an assessment of your current circumstances,  ✔   a discussion of your options or alternatives,  ✔   a...

Before answering that question, your Licensed Insolvency Trustee must determine if you are insolvent.  By definition, an insolvent person is an individual, or a corporation:  ✔ who is not bankrupt,  ✔ who lives or carries on...

Here is a summary of benefits you will receive when you file bankruptcy.  ✔   You will STOP unsecured creditors from taking legal action against you.  ✔   You will STOP unsecured creditors from...

A Consumer Proposal may only be filed under the Bankruptcy and Insolvency Act using a Licensed Consumer Proposal Administrator.  You choose your Licensed Administrator to act in your Consumer Proposal.  You choose your filing date, at which time all the...

When you find yourself in financial difficulty and you are uncertain what to do, meeting with a Licensed Administrator should be your first step on your road to financial recovery.  A LicensedAdministrator is your best resource when you are faced with a...

A Licensed Consumer Proposal Administrator / Licensed Insolvency Trustee administers your consumer proposal.  The most common method of filing a proposal is for you to file Consumer Proposal under the Bankruptcy and Insolvency Act in Canada.  You choose your...