Bankruptcy is a legal process administered under the authority of the Bankruptcy and Insolvency Act (“BIA”).
A bankruptcy or consumer proposal can only be filed through a licensed trustee in bankruptcy. All trustees in bankruptcy are licensed by the Office of the Superintendent of Bankruptcy (OSB) to administer the bankruptcy process.
The links below will provide you with bankruptcy information and bankruptcy related resources:
Alternatives to Bankruptcy:
http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02049.html
Frequently asked questions:
http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br01407.html
Canadian Bankers Association:
http://www.cba.ca/index.php?option=com_sectionex&view=category&id=7&Itemid=55&lang=en
Credit Reports and Credit Bureaus:
Equifax: https://www.econsumer.equifax.ca/index_en.html
Trans Union: https://www.creditprofile.transunion.ca/index.jsp?bn=24&kw=1028
Contact a Canadian Trustee in Bankruptcy:
http://www.bankruptcy.deloitte.ca/en/about/contacts/Pages/default.aspx
Personal bankruptcy rates in Canada are up over 30% in 2009 compared to 2008. Canadians are accumulating increasing levels of debt and this increase in rates is expected to continue. If you are concerned about your financial situation the time to act is now. Understanding your options will help but you back on the road to financial stability. To help you make the best choice, please contact us for a free initial consultation.