5 Stages of a Bankruptcy in Canada

Posted in Personal Bankruptcy

stages-of-a-bankruptcyBankruptcy 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.

  1. Consultation with a Licensed Insolvency Trustee
  2. Preparation of documentation
  3. Filing and achievement of the stay of proceedings
  4. Completion of bankrupt’s duties
  5. Discharge and elimination of debts

You may also be interested in our related infographic 4 stages of consumer proposal.

5 steps to filing bankruptcy in Canada