An option for a fresh start from unmanageable debt.
What is bankruptcy?
Personal bankruptcy is a debt solution under the Canadian Bankruptcy and Insolvency Act. This option allows you to clear almost all your debt, such as income tax debt, credit cards, overdue utility bills, lines of credit, and loans.
While bankruptcy grants you immediate protection from creditors, it may affect your assets and credit rating, and you’ll still be required to pay some debt.
Bankruptcy can be an ideal solution for individuals who:
Only a Licensed Insolvency Trustee (LIT) can administer bankruptcies, which are regulated by the “Bankruptcy and Insolvency Act” of Canada. If your LIT determines that bankruptcy is the appropriate solution for your financial situation, you will work together to complete your application.
Get your finances back on track without going bankrupt. A consumer proposal gives creditors a reasonable repayment and you, a financial fresh start.
We’re helping Canadians take control of their finances and live happier, debt-free lives.
I was treated with kindness and respect during a difficult situation that was hard to maneuver on my own. I couldn't have made this fresh start without them. The trustees and associates and everyone involved made the experience as seamless and painless as possible. I highly recommend this business if you are struggling financially and need some guidance. I am over the moon pleased with Grant Thornton Ltd.
— Angelique W, Vancouver, BC
I was waiting so long dreading the call, but I put my shame aside and called. The lady that picked it up was a saint. She made it so easy, and I could tell she cared about me as a person and not a number. Thanks to the Grant Thornton team. Cheers!
— Mik, Passage, NS
They were always available, even during COVID-19, and responded to me with quick and concise answers to any and all of my questions. The kindness I was shown by the staff & Trustee of the Thunder Bay office was unmeasurable. They made my decision one of the best I could have made!
— Donna M, Atikokan, ON
My debt has been such a huge weight on my shoulders over the last few years. Finally, I made the move to deal with it. I am so happy I chose Grant Thornton, and extremely satisfied and over the moon happy to have their help. They made the process so much easier. Very knowledgeable and always readily available. Thank you so much for all your help.
— Darlene S, Calgary, AB
I was treated with kindness and respect during a difficult situation that was hard to maneuver on my own. I couldn't have made this fresh start without them. The trustees and associates and everyone involved made the experience as seamless and painless as possible. I highly recommend this business if you are struggling financially and need some guidance. I am over the moon pleased with Grant Thornton Ltd.
— Angelique W, Vancouver, BC
I was waiting so long dreading the call, but I put my shame aside and called. The lady that picked it up was a saint. She made it so easy, and I could tell she cared about me as a person and not a number. Thanks to the Grant Thornton team. Cheers!
— Mik, Passage, NS
They were always available, even during COVID-19, and responded to me with quick and concise answers to any and all of my questions. The kindness I was shown by the staff & Trustee of the Thunder Bay office was unmeasurable. They made my decision one of the best I could have made!
— Donna M, Atikokan, ON
My debt has been such a huge weight on my shoulders over the last few years. Finally, I made the move to deal with it. I am so happy I chose Grant Thornton, and extremely satisfied and over the moon happy to have their help. They made the process so much easier. Very knowledgeable and always readily available. Thank you so much for all your help.
— Darlene S, Calgary, AB
I was treated with kindness and respect during a difficult situation that was hard to maneuver on my own. I couldn't have made this fresh start without them. The trustees and associates and everyone involved made the experience as seamless and painless as possible. I highly recommend this business if you are struggling financially and need some guidance. I am over the moon pleased with Grant Thornton Ltd.
— Angelique W, Vancouver, BC
I was waiting so long dreading the call, but I put my shame aside and called. The lady that picked it up was a saint. She made it so easy, and I could tell she cared about me as a person and not a number. Thanks to the Grant Thornton team. Cheers!
— Mik, Passage, NS
They were always available, even during COVID-19, and responded to me with quick and concise answers to any and all of my questions. The kindness I was shown by the staff & Trustee of the Thunder Bay office was unmeasurable. They made my decision one of the best I could have made!
— Donna M, Atikokan, ON
My debt has been such a huge weight on my shoulders over the last few years. Finally, I made the move to deal with it. I am so happy I chose Grant Thornton, and extremely satisfied and over the moon happy to have their help. They made the process so much easier. Very knowledgeable and always readily available. Thank you so much for all your help.
— Darlene S, Calgary, AB
Speak to one of our debt solutions professionals during a free, no-obligation consultation.
The assets you can keep in bankruptcy are based on the province in which you reside. Generally, pensions and RRSPs are exempt in all provinces. Other potential exempt assets are equity in your home (up to a certain amount), a vehicle (up to a certain amount), tools of the trade, household furnishings and medical aids. To learn more about what assets are exempt in your province, talk with one of our debt professionals during a free consultation.
If you complete your duties and payments in a timely manner and no creditors object to your discharge, you’re eligible for an automatic discharge from bankruptcy at:
1st time bankruptcy:
2nd time bankruptcy:
If you have high-income tax debt or a creditor opposes your discharge, you may have to go to court to be discharged from bankruptcy.
Unless you have co-signed or taken on debt together (like a car or mortgage), your spouse will not be affected by your bankruptcy.
If they have co-signed for a debt included in your bankruptcy, they are responsible for paying it. If you jointly own assets, there are options for paying out your share so that, in some cases, your spouse can retain the asset.
Looking for assurance, tax, and business advisory services? Visit Doane Grant Thornton LLP(opens in new tab).
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