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Our first meeting, whether for a personal or business bankruptcy, debt consolidation, proposal or any other financial problem is Free. Call 416-665-3328 (DEBT)

  Frequently Asked Questions
 

Bankruptcy Questions Chart

The chart below is provided solely for the purpose of facilitating the reader's understanding of the terms used on this website. They are general interpretations only and are not to be considered legal definitions.

For additional information please call us at 416-665-3328.

Bankruptcy Chart Consumer Proposal Informal Proposal Bankruptcy Consolidation Loan
Protects me from all my unsecured creditors:    
Avoids having to sell my house to release any equity:
Stops interest from continuing to build:    
Creditors are obliged to write off debt:  
Creditors are forced to participate based on the Bankruptcy and Insolvency Act:    
The arrangement runs for a fixed period:
Creditors will no longer pursue my case:  
It avoids the stigma of bankruptcy:  
My problem is kept private:    
You only pay back a portion of your debt:  
   
 

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Should I Go Bankrupt?
Questions and ideas below will help assist you in your decision making process. If you are unable to pay your debts, try talking to the people you owe money to. Approach them with a plan – know how much you can afford and be realistic. 1. Can you come to an agreement? If yes, make arrangements to repay...

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Bankruptcy & Death
If my spouse died and left me the assets prior to my bankruptcy, what happens to those assets? In the event that a person receives an inheritance prior to or during bankruptcy, the assets would go to the Trustee for the benefit of the Debtor’s creditors. To avoid this scenario, legal advice should be sought …

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Will bankruptcy affect my citizenship?
No. Filing bankruptcy is not a crime. It is not considered failure in fulfilling your legal civic duties. It is a perfectly legal way to deal with overwhelming debt. It will not disrupt your citizenship process or put your bid for citizenship at risk, so long as you abide by all bankruptcy laws truthfully and honestly.

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