Filing Bankruptcy in Canada
Briefly, the steps are:
Choose a Trustee such as Alger & Associates Inc.
The Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses, and other pertinent information
After you file bankruptcy, most creditors are no longer able to pursue you for collection of their accounts.
You may be requested to attend a bankruptcy interview with the Official Receiver who is a government official.
You will be required to attend two financial counselling sessions.
If you have any assets which you will not be allowed to keep (see Will I Lose Everything?), you will be expected to help the Trustee sell them.
You will report your income and expenses on a monthly basis to the Trustee. You may also be required to pay some money to the Trustee each month depending upon how much you earn, the size of your family and your circumstances.
You will be automatically discharged from bankruptcy in 9 months if this is your first bankruptcy and there are no objections. You will have no further obligations for the debts covered in your bankruptcy
This site provides free information about personal bankruptcy in Canada and personal bankruptcy alternatives in Canada, including answers to common personal bankruptcy questions.