How does bankruptcy work?

Bankruptcy works by providing an honest but unfortunate debtor with a fresh financial start. The decision may be difficult but the process is straight forward.

Step 1 - put together a list of your debts and a list of your assets.

Step 2 - set up a meeting, either over the phone or in person, with a Licensed Insolvency Trustee to discuss your options.

Step 3 - sign the bankruptcy papers. The Trustee is responsible for letting your creditors know that you are protected by bankruptcy.

Step 4 - complete monthly income and expense forms for each month during your bankruptcy which in most cases is 9 months, and attend two informal counselling sessions.

Step 5 - obtain your discharge from bankruptcy and begin your FreshStart!

If you find yourself constantly worrying about bills that are piling up, wondering where the money will come from to buy groceries let alone pay down those bills, or are simply living pay cheque to pay cheque without any sign of relief, bankruptcy will work for you.

We are pleased to offer a free consultation to discuss your options.


LarryCrandall headshoulders 2016

Lawrence Crandall, LL.B, CIRP, Licensed Insolvency Trustee

Licensed Insolvency Trustees
Tel: 1-888-455-6060
Fresh start…the road to financial freedom