To declare bankruptcy in Canada you need to seek personal bankruptcy help from a Licensed Insolvency Trustee or their qualified staff. The government requires them to perform an assessment of your financial situation in order to determine if bankruptcy is the best option.
Generally, they will look at your assets, income and expenses, and debt level to make sure bankruptcy is a good option. At this meeting they explain all of your debt options. They will also make sure you are given a full explanation of the bankruptcy process so you can decide if you should declare bankruptcy.
※ Will I qualify for bankruptcy?
The Bankruptcy and Insolvency Act sets out very general qualifications that must be met in order to declare bankruptcy in Canada:
1) You must be a resident of Canada;
2) You are unable to pay your bills when they are due; and
3) You owe more than $1000.00.
If you meet that criteria that doesn’t mean bankruptcy is your best option. It simply means that if bankruptcy is determined to be the best way to help you resolve your debt issues, you must meet these qualifications for you to declare bankruptcy in Canada.
When you declare personal bankruptcy the trustee prepares and files the necessary legal documents with the government and you will be considered bankrupt. There is no voting process or approval process involved in a standard consumer bankruptcy filing.
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