Consumed by debt? Information for customers regarding the insolvency procedure

Consumed by debt? Information for customers regarding the insolvency procedure

See our brand brand brand new video clip show to understand what sort of insolvency that is licensed will allow you to get the best suited choice to escape financial obligation.

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Contact an insolvency that is licensed

Speak to an authorized insolvency trustee to debate all your choices

What exactly is an insolvency that is licensed?

A Licensed Insolvency Trustee (LIT) could be the only professional authorized to manage government-regulated insolvency procedures that enable you to definitely be released from your own financial obligation, such as for instance a customer proposition or perhaps a bankruptcy.

To get an insolvency that is licensed in your neighborhood:

  • Search the Licensed Insolvency Trustee database available from the Canada.ca web site

Knowing the customer bankruptcy and proposal procedure

There are a selection of possible methods to your financial meltdown. This section provides information regarding two formal solutions monitored by work associated with Superintendent of Bankruptcy (OSB): the buyer proposition as well as the bankruptcy, that provide legislative security under Canada’s Bankruptcy and Insolvency Act . Both solutions permit the truthful, but debtor that is unfortunate be released from a majority of their debts.

Consumer proposition

If for example the total debts are significantly less than $250,000 ( maybe maybe perhaps not as well as your mortgage), a customer proposition could be the right choice for you. Continue reading “Consumed by debt? Information for customers regarding the insolvency procedure”