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What Does Personal Bankruptcy Mean In Canada?

What Does Personal Bankruptcy Mean In Canada?

What-is-personal-bankruptcy-in-CanadaA personal bankruptcy is a situation where an honest but unfortunate debtor has the opportunity to legally eliminate or discharge his or her debts and return to becoming a productive member of society.In Canada, the bankruptcy process is regulated by the Canadian Bankruptcy and Insolvency Act.


To declare bankruptcy in Canada, you must be consider “insolvent.” This means that you owe at least $1000 and that you are not able to meet your debts as they are due.



Related articles:

Personal Bankruptcy Overview

Personal Bankruptcy Canada FAQ



Mr. Wasser, I got my paperwork in the mail yesterday informing me of my discharge, so thank you very much! I wanted to say “Thank You” for everything you have all done for me. I hope you and everybody over there have a great and safe happy holiday.

N V (North York)


 What does personal bankruptcy mean in Canada?


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