How to File a Bankruptcy In Ontario

In Canada, a consumer proposal or bankruptcy can be filed only through a licensed trustee in bankruptcy.   The first step is to meet with a trustee in bankruptcy  for an assessment of your financial situation.  It’s helpful to the trustee if you come prepared with the details of who you owe and how much as well as  the details of your assets and your current family income.  Based on your individual situation, the trustee will explain the options that are available to you to resolve your financial difficulty.  He or she will explain the merits and consequences of each option available and discuss your responsibilities.  If you choose to file a bankruptcy, the trustee will prepare legal documents for signature, file them with the Superintendent of Bankruptcy and notify your creditors.  Once you are bankrupt most action against you by your creditors stop.  You will; however, continue to pay certain debts like child support or your mortgage and car loans if you want to continue to keep those assets.

If you have never been bankrupt before and you comply with your duties, your bankruptcy will typically last for 9 or 21 months depending on your income.   If you have been bankrupt once before it is a 24 or 36 month process.   Once your bankruptcy is over you are officially discharged from your debt and free to acquire new assets and re-establish your credit without restriction.

Jim and I understand that often the first step - coming in for an assessment - is the hardest, but once you know your options you can make an informed decision about how to regain control over your finances.  If you would like to meet with us for a free consultation please call us at 905-721-7506 or visit our website at www.jamesryanch.com.

By:  Brenda D.  Owens, Trustee in Bankruptcy


Brenda works for James R. Yanch, Trustee in Bankruptcy
215 Simcoe St. N.
Oshawa, Ontario
L1G 4T1
905-721-7506