Bankruptcy

Press Release : May 29, 2020
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.

Notes to editors

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