Get information on alternatives to bankruptcy and details on the process of bankruptcy, if you need to take that route.
Alternatives to bankruptcy
If you are having financial difficulties, declaring bankruptcy should be your last resort. First consider other options, such as reworking your budget, consolidating loans, selling assets or more formal alternatives such as a Division 1 Proposal.
- Alternatives to bankruptcy
If you feel that your financial situation is out of control, there are several steps towards financial stability that you can take today.
Declaring bankruptcy may be the only way to deal with your creditors, if your business fails and you are unable to pay your debts. When you are in bankruptcy, your creditors cannot take your goods to cover the amount you owe them. If you get a job while you are bankrupt, they can't have part of your salary held back to pay them. A bankruptcy trustee from the Office of the Superintendent of Bankruptcy can help you to make arrangements with your creditors to pay back what you owe them.
- Declaring bankruptcy
If you choose to declare bankruptcy, follow the steps specified by the Office of the Superintendent of Bankruptcy.
- Office of the Superintendent of Bankruptcy Canada
If you are considering declaring bankruptcy or are a creditor, get the information you need to best manage your situation.
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