Bankruptcy

Get information on alternatives to bankruptcy and details on the process of bankruptcy, if you need to take that route.

Alternatives to Bankruptcy

If you are having financial difficulties, declaring bankruptcy should be your last resort. First consider other options, such as reworking your budget, consolidating loans, selling assets or more formal alternatives such as a Division 1 Proposal.

• Alternatives to Bankruptcy
  
  http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02049.html
  If you are having financial difficulties, declaring bankruptcy should be your last resort. First consider other options, such as reworking your budget, consolidating loans, selling assets, or more formal alternatives such as a Division 1 Proposal.

Declaring Bankruptcy

Bankruptcy is a legal process that can only be filed through a trustee in bankruptcy, via the Office of the Superintendent of Bankruptcy. When you are in bankruptcy, no unsecured creditor can garnish your wages or initiate any other collection action against you.

• Declaring Bankruptcy
  
  http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02048.html
  If you choose to declare bankruptcy, follow the steps specified by the Office of the Superintendent of Bankruptcy.
• Office of the Superintendent of Bankruptcy Canada
  
  http://www.canadabusiness.ca/eng/summary/1371/
  Applies to: All of Canada
  If you are considering declaring bankruptcy or are a creditor, the Office of the Superintendent of Bankruptcy Canada can provide you with the information you need to best manage your situation.
• How many businesses appear and disappear each year?
  
  http://www.ic.gc.ca/eic/site/sbrp-rppe.nsf/eng/rd02344.html
  Check out the statistics on business entries and exits per year.