Are there solutions other than bankruptcy?
Will my furniture be seized?
Will I lose my house?
Will I be able to keep my car?
Will a newspaper notice be published if I declare bankruptcy?
Will my employer be informed of my bankruptcy?
How much will it cost me?
Will someone come to seize my belongings at my home?
For how long will I lose my credit rating if I declare bankruptcy?
Will the bankruptcy cancel my tax debts?
Are there solutions other than bankruptcy?
Yes. These are mentioned in the Avoid bankruptcy section (include link). For more information on the solution best suited to your situation, contact an office near you for a free, confidential consultation with one of our counsellors.
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Will my furniture be seized?
No, except for valuable items such as works of art, which are not essential household items.
Will I lose my house?
What often happens is that individuals declaring bankruptcy can keep their home, following an agreement with their financial institution. In these cases, the value of the house must not be substantially greater than the balance owed on their mortgage.
Will I be able to keep my car?
Individuals declaring bankruptcy can often be allowed to keep their car, provided it is a used vehicle with little value. Why? Because the vehicle’s value is not much higher than the costs incurred in selling it. Nowadays, most people lease their car rather than buy it. As a result, they may possibly get to keep it if they conclude an agreement with its owner or leasing creditor.
Will a newspaper notice be published if I declare bankruptcy?
In most cases, no notice is published. Only those to whom you owe money will be notified.
Will my employer be informed of my bankruptcy?
No, not unless your wages were garnished prior to your bankruptcy.
How much will it cost me?
The monthly cost of a bankruptcy is determined by the Bankruptcy and Insolvency Act, based on your income. Since you will no longer be required to pay your debts after your bankruptcy, you should be able to make these payments.
Will someone come to seize my belongings at my home?
Until you are under the protection of the Bankruptcy and Insolvency Act, creditors could, in some cases, seize your belongings, but no one can do so after your bankruptcy has been declared. In most cases, the bankruptcy trustee will not visit you in your home.
For how long will I lose my credit rating if I declare bankruptcy?
If you are considering bankruptcy, chances are that you have already lost your credit rating Information on your bankruptcy will be included in your credit file for approximately seven years, but you will probably be able to borrow long before the end of this period, should your situation allow it.
Additional information:
Credit rating and restoration (logoPDF)
How to rebuild your credit? (logo PDF)
Will the bankruptcy cancel my tax debts?t?
Yes, except for tax debts resulting from fraudulent or false returns.
