Deciding whether to file for personal bankruptcy can be a difficult decision. However financial problems do not usually go away on their own. The sooner you take action, the sooner you can get a fresh start. If you are considering bankruptcy in Ontario, you should know:
- Bankruptcy is a legal process. It provides immediate protection from your creditors, stops collection calls and wage garnishments and eliminates your debts.
- Before you file bankruptcy your Ontario Licensed Insolvency Trustee will help you consider all of your other options, including a consumer proposal. Bankruptcy is always a last resort.
- In a bankruptcy you are allowed to keep certain assets, called exempt assets. You do not lose everything.
If you are considering declaring bankruptcy, or looking for solutions, contact one of our experts today. They’d be happy to answer any questions you have.
Declaring Personal Bankruptcy
Bankruptcy is meant to give you a fresh start. When you declare personal bankruptcy you receive immediate protection from your creditors and eliminate your debt.
More About Personal Bankruptcy
Ontario bankruptcy law is governed by the Bankruptcy And Insolvency Act and other provincial laws and regulations.
of debtors were employed. The average insolvent person in Ontario owes more than $61,000 in non-mortgage debt.
Bankruptcy Advice From Our Experts
Do you have a question about bankruptcy or bankruptcy alternatives in Ontario? Our federally licensed Ontario bankruptcy trustees provide answers to many of the commonly asked questions about bankruptcy and debt management topics to help you. Read more in our Bankruptcy Ontario Expert Advice Blog