Bankruptcy

Bankruptcy is a legal procedure that allows you to be released from most of your debts if you are insolvent and facing serious financial problems.

If you go bankrupt, the property you own at the time of your bankruptcy and the property you acquire before your discharge will be seized. They will be used to pay off your creditors (people you owe money to) and to discharge your debts.

However, certain types of property are unseizable. 

In general, bankruptcy should only be considered as a last resort. There are other solutions you can apply to pay off your debts, including consumer proposals and voluntary deposit. Contact the Office of the Superintendent of Bankruptcy.

Depending on your situation, it may be better to file a consumer proposal rather than declare personal bankruptcy.

The Office of the Superintendent of Bankruptcy  is a federal agency that ensures the integrity of the bankruptcy and insolvency processes and helps Canadians understand them.