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Anyone unable to honour his obligations, of which the amount resulting from the liquidation of assets are less that the amount owing and of which the amount of the debt is superior to 1000.00$ may consider bankruptcy.
Assets being considered as distinct, should not affect your spouse considering that all properties and liabilities are not jointly held, neither endorsed. On the other hand, if he/she participated in an acquisition by co-signing or has benefited from an advantage such as a gift or transfer of property at a preferential amount, the spouse will become responsible for the entire share of the debt.
The first bankruptcy generally permits obtaining liberation after nine (9) months. During a recurrence, bankruptcy can last up to twelve (12) months. Early releases may be considered in certain cases. Although, even if the bankrupt obtains his liberation, the bankruptcy will remain present in his file for a period of up to 5 to 7 years.
Bankruptcy will protect you from legal procedures filed against you, limiting legal recourses from unsecured creditors. It also puts an immediate stop to payments towards creditors. It also puts an immediate stop to payments towards creditors and wage seizures. It liberates you from most of your debts and allows you to make a fresh start.
The most common property that cannot be taken by the licensed insolvency trustee, for example, are furniture whose market value does not exceed 6000$, life’s necessary instruments to survival (food, clothing, etc.), and for the work of the bankrupt (car, tools, etc.). Assets protected by an unseizable clause, periodic disability plan subject to an insurance contract, RRSPs placed for more than one year, food alimony or sums allocated for food etc. However, several assets hereby mentioned above are subject to certain conditions that may make them seizable. Our advisors will be able to enlighten you on the property you will be able to keep.
Bankruptcy causes many consequences, which can be resumed in losses. 
  • Loss of property: all seizable assets according to the Bankruptcy and Insolvency Act;
  • Credit score loss: Your bankruptcy will appear on your credit score file for a period of seven years;
  • Loss of license or the right to practice: For the entire duration of the bankruptcy, professionals can lose their license rights, therefore, their right to practice. The bankrupt will not be able to act as the company’s administrator.
  • Loss of credit rights: It will not be possible to obtain credit or borrow throughout the duration of the bankruptcy, and that being until it is shown that you are up to date in maintaining your financial obligations and until you have obtained your liberation. 
Whereas bankruptcy liberates the majority of debt, certain ones remain, such as: child and spousal support, fines imposed by a court, sentences from assault convictions, obligations relative to a student loan (applicable up to ten (10) years after end of studies), as well all debts arising from fraud.
Several alternatives can be proposed to avoid bankruptcy, such as the consumer proposal. Each situation being unique, our advisors will be able to guide you towards the best options to take following your very first free of charge and no obligations on your part meeting with them.
A consumer proposal consists of making a settlement offer to your creditors by extending them between two to five years. To be valid, this proposal must be accepted by the majority of creditors subject to a vote carried out according to the Bankruptcy and Insolvency Act. If this proposal is accepted, you will only have to make one monthly payment adapted to your budget and the requirements that meet your obligations towards your creditors. You can then keep all your property.
Bankruptcy is a legal process in which a person in a financial difficulty disposes of their property, generally by voluntary means. This procedure must be administered through a licensed insolvency trustee, in virtue of the provisions of the Bankruptcy and Insolvency Act. Under this approach, the bankrupt is discharged from all debt. This solution should only be considered when all other alternatives are not feasible.