Bankruptcy in Canada: Pros and Cons

Claiming Bankruptcy in Canada should, in most cases, be considered only as a last resort. There are a number of alternatives to claiming bankruptcy. Before you turn to Bankruptcy Trustee, speak with one of our expert Debt Management Counsellors for a detailed assessment of your unique situation. There is always something we can do to help.

There is no "one size fits all" solution for dealing with debt problems. This is why we offer a FREE Debt Consultation to discuss your individual circumstances. This allows us together to find the solution which will be the best for you.

 

Alternatives to Bankruptcy

There are a number of legal alternatives which can help you to avoid declaring bankruptcy in Canada, including Debt Settlement, Consumer Proposals & Debt Pooling. To discuss any of these options with a debt management expert, simply call us. Residents of Canada can call us toll-free at 1-800-558-1713.

Is Bankruptcy Right for You?

If you owe more then $1000 and are not able to repay your debts as they are due, you may be eligible for bankruptcy. Claiming Bankruptcy in Canada is a last option for debt relief, but it is better than having your wages garnisheed for many years, which can interfere with you paying rent and supporting your family.

Benefits of Bankruptcy in Canada:

The benefits of declaring bankruptcy include:

Avoiding expensive and drawn-out legal action from existing creditors.

Provides a fresh start to those with unmanageable debt.

Immediately stops wage garnishment.

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