Options and solutions

Options and solutionsBankruptcy

Bankruptcy in Quebec 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)

The legal duration of bankruptcies in Quebec

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, at Pomerleau & Associates Syndic Inc., 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
Any questions? 1-855-779-3700

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