Bankruptcy

Press Release: May 29, 2020

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Bankruptcy

Bankruptcy is a process designed to allow a debtor to recover from an otherwise unmanageable debt load. There are a number of steps involved in a bankruptcy. It is not a difficult process, but there are some requirements that must be fulfilled.

What are the requirements for filing for bankruptcy?​

 

You must be a Canadian resident or have assets in Canada. You must owe at least $1,000 and be insolvent. That is, you must be unable to pay your debts as they come due, or the value of your property must be less than your debts.


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