Bankruptcy

Bankruptcy is a legal process, regulated by the Act, by which you may be discharged from most of your debts. The purpose of the Act is to permit an honest, but unfortunate, debtor to obtain a discharge from his or her debts, subject to reasonable conditions.

When you declare bankruptcy, your unsecured creditors will not be able to take legal steps to recover their debts from you (such as seizing property or garnisheeing wages).

Someone who owes more than $1,000 and is unable to pay his or her debts in the normal course can file bankruptcy.

The following assets are exempt from seizure by the Trustee:

• Household furnishings to a value of $11,300
• Personal effects to a value of $5,650
• Tools of trade to a value of $11,300
• Motor vehicles to a value of $5,650
• Farmer's business assets to a value of $28,300
• Certain life insurance policies
• Most pensions and certain RRSP's

It is possible to file a joint assignment. A joint assignment allows two bankrupts, involved in a close financial relationship, to file for bankruptcy and to see their files dealt with as one file.

This is available to debtors if their debts are substantially the same and the trustee believes it is in the best interest of the debtors and creditors.

We take pride for the services we offer under our Debt Management, Debt Consolidation, Consumer's Proposals and Bankruptcy plans.