Bankruptcy in Canada can be filed by any individual who owes at least $1,000 and is insolvent. The process of filing personal bankruptcy in Canada is completed in five steps as outlined in our easy to understand infographic.
- Consultation with a Licensed Insolvency Trustee
- Preparation of documentation
- Filing and achievement of the stay of proceedings
- Completion of bankrupt's duties
- Discharge and elimination of debts
You may also be interested in our related infographic 4 stages of consumer proposal.