What it means to declare Bankruptcy
Individuals who are unable to meet their debt obligations, and who do not have a reasonable expectation of meeting those obligations in the near future, can file for bankruptcy under the Bankruptcy and Insolvency Act (Canada).
It is a tool meant to give relief to those burdened with debt a fresh financial start. The process must be carried out through a Licensed Insolvency Trustee who will be responsible for the administration of the bankruptcy and will assist you obtaining your discharge from your debt.
Eligibility to file for Bankruptcy
If you are an individual that lives in Canada, has debt exceeding a minimum of $1,000.00 and cannot pay their obligations in a timely fashion, you are likely a good candidate for bankruptcy.
Debtors who are clearly not able to service their debt, and whose debts exceed their assets are entitled to file for bankruptcy in order to get relief from their obligations and a chance to effectively rebuild their financial future.
The process for filing for Bankruptcy
If together you and D. Thode & Associates Inc. determine that bankruptcy is the best way for you to manage your debts, your Licensed Insolvency Trustee will proceed to prepare and file all of the necessary paperwork with the Superintendent of Bankruptcy.