If you are struggling with debt and you think filing for bankruptcy is your best option, no-one can prevent you from filing. Personal bankruptcy in Ontario is a legal process that provides you protection from your unsecured creditors. While there is a framework to define your duties, your payments and the disposition of your assets to your creditors, no creditor can deny you the right to claim bankruptcy.
To be eligible to file for bankruptcy in Ontario, you:
- must owe more than $1,000 and
- be insolvent (meaning your debts are larger than your assets, and you are unable to pay your debts).
To claim bankruptcy in Ontario, you must meet with a licensed Ontario Bankruptcy Trustee. They will conduct an assessment of your situation and, if based on this review you decide bankruptcy is the correct option for you, your trustee will electronically file the bankruptcy on your behalf. No other humans are involved, so no-one else can stop the bankruptcy from occurring.
However, any creditor may object to your bankruptcy ending. A creditor can object to your discharge if they believe you could have filed a consumer proposal instead of filing bankruptcy, or if you are hiding assets or not being honest. If you complete all of your duties it is unusual for a creditor to object to your discharge.
An Ontario bankruptcy trustee can provide you with more information. Book your free consultation.