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Declaring bankruptcy

Declaring bankruptcy

Personal bankruptcy gives you the chance to get back on track. It has a lot of advantages. 90% of the time, it will eliminate all debt. It protects you from most lawsuits, wage garnishment and service interruptions (phone, electricity, gas, etc.).

The steps involved in bankruptcy

It’s not easy to declare bankruptcy. But you’re not alone. Your Raymond Chabot counsellor is here to guide and support you through the process, one step at a time.

The first meeting

You’ll meet your counsellor in financial recovery. Together, you’ll assess your financial situation and explore your options. After signing a few documents, you’ll be on your way to financial recovery.

Document filing

Your Licensed Insolvency Trustee will file all the documents required to start the bankruptcy process. From then on, they’ll handle your creditors. As soon as you get started, you’ll be on your way to peace of mind.

Notice to creditors

The Licensed Insolvency Trustee will let your creditors know that you’re filing a consumer proposal. Your creditors will now communicate directly with them. No more calls, emails or letters from your creditors! This step takes place one to five days after your first meeting.

Your first consultation

To put you on track to good financial health, your counsellor will help you take stock of your financial habits. The goal of this meeting isn’t to criticize you—far from it! It’s to give you tools so you won’t have to go through the insolvency process again. This meeting will take place in the first two months of the process.

Your second consultation

At this second meeting with your counsellor, you can get other advice that will help you plan your future by better planning your budget, to help you avoid going back into debt.

Debt discharge

Once all scheduled payments have been made, the Licensed Insolvency Trustee will issue a certificate releasing you from your debts. Now you can start fresh!

Regain control on your finances

Put a stop to your money problems and stress. Our counsellors are here to help find the best solution for you. Consultation is free and confidential.


Worried about your financial health?

Our counsellors are here to help find the best solution for you. The first consultation is free, confidential and without judgment.

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