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Updated by John Adamson on Jun 19, 2021
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John Adamson John Adamson
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Bankruptcy Ontario: 5 Frequently Asked Questions and Answers

Bankruptcy can be a scary prospect and probably the last option you might want to consider. But it can also be the best way to achieve a fresh financial start. Most people assume they will lose everything if they file for Bankruptcy. This is simply not true. The Canadian government has set laws that protect your property from Bankruptcy.

Below are five other frequently asked questions from our clients.

Do I have other options aside from Bankruptcy?

A Licensed Insolvency Trustee can help you find the best solution to your problem debt. Before deciding to file for Bankruptcy, you and your Trustee will explore all options that may be available depending on your unique financial situation. You can then make an informed decision. Here are three of the common alternatives.

Will I lose my job if I file for Bankruptcy in Ontario?

If you’re planning on filing for Bankruptcy, you may be wondering how it affects your employment. Here are some definitive answers to common questions about Bankruptcy and employment we frequently get asked by our clients.

Is Bankruptcy the best solution for me?

To determine if Bankruptcy is the best route to get you out of debt, you should understand the pros and cons of this debt solution. You can then decide if it's the best way forward.

How do I claim Bankruptcy in Ontario?

Is Bankruptcy looking more and more like a reality for you? Here’s an overview of this debt solution -- from the first step you need to take to life after Bankruptcy.

Which is better, Bankruptcy or Consumer Proposal?

Consumer Proposal and Bankruptcy are the top two insolvency solutions in Canada. A Licensed Insolvency Trustee files both, but there are differences in their costs, length, and how assets are managed, among others.