Bankruptcy basics
What is bankruptcy?
Declaring bankruptcy is not the right choice for everyone, so it's really important to talk to a Licensed Insolvency Trustee about whether bankruptcy is the right option for you.
Bankruptcy is a legal status indicating that you are unable to pay your debts, and the creditors are not able to stop the process. Collection action and wage garnishees must stop.
Bankruptcy usually lasts between 9 and 36 months, depending on your unique situation. Your trustee will discuss any assets you might have, to let you know if they are exempt from the bankruptcy, or if a settlement is required in order for you to maintain ownership.
