Options and solutionsBankruptcy

Bankruptcy is a right that allows you to free yourself of debts and start anew.

Trustee’s Role

• Give counsel on options, as well as their advantages and disadvantages
• Determine, in accordance with the law, what possessions you are able to keep and determine the amount you are able to pay every month
• Help establish a budget
• Counsel on sound financial management
• Counsel on preserving a good credit file
• Ensure that your creditors respect your rights and ensure that you respect your obligations

Possessions exempt from being seized:

Decorative or life essential furniture, up to a liquidation value of $6,000 Food and clothing
Work instruments that are necessary for personal use, for a professional activity
Alimony or child support
Things that are necessary due to a physical handicap
All RRSP’s, except the contributions done within the last 12 months before your bankruptcy (only for certain RRSP’s)

Duration

1st bankruptcy (automatic release in the absence of opposition)

• Without surplus revenue = 9 months
• With surplus revenue = 21 months

2nd bankruptcy (automatic release in the absence of opposition)

• Without surplus revenue = 24 months
• With surplus revenue = 36 months

A member of our team will happily help you regain control of your financial situation. Take a first appointment now, it is free and confidential. Contact a member of our team