Bankruptcy in Canada - How to File Briefly, the steps are: Choose a Canada Bankruptcy Trustee. The Canada Bankruptcy Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses, and other relevant information. After you file bankruptcy in Canada, most creditors are no longer able to pursue you for collection. You may be requested to attend a bankruptcy interview in Canada with the Official Receiver who is a government official. In some Canadian provinces/territores, you will be required to attend two financial counselling sessions. If you have any assets which you will not be allowed to keep, you will be expected to help the Trustee sell them. You will report your income and expenses on a monthly basis to your Canada Bankruptcy Trustee. You may also be required to pay some money to the Canada Bankruptcy Trustee each month depending upon how much you earn, the size of your family and your circumstances. If this is your first bankruptcy in Canada and there are no objections, you will be automatically discharged from bankruptcy in 9 months . You will have no further obligations for the debts covered in your bankruptcy. Your company, partnership, or business may also file bankruptcy or make a proposal in Canada if it meets the above requirements. You should be aware that any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. This is called a petition in bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the petition is allowed, issues a receiving order which places you in bankruptcy with a trustee selected by the petitioning creditor.