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Understanding Personal Bankruptcy

If you cannot arrange a debt solution with creditors, bankruptcy may be the only option. Some of the main features of personal bankruptcy are:

  • You are protected from unsecured creditors (subject to certain exceptions), which means no creditor can start or continue any collection proceedings;
  • You must do certain things during your bankruptcy, none of which are difficult or time-consuming. For example, you must attend two financial counselling sessions and complete monthly budget forms during your bankruptcy.
  • Depending upon your income, you may have to make a monthly payment to the trustee called "surplus income." The amount of the payment is set by regulation to be reasonable.
  • If you are a first-time bankrupt, you may be automatically discharged nine (9) months after filing. Your bankruptcy may be extended if you have significant surplus income and/or if there is specific opposition to your discharge by the trustee and/or your creditor(s).
  • Certain debts cannot be cancelled by bankruptcy. Examples include outstanding family maintenance debts, student loans you received less than 7 years before you filed for bankruptcy, and debts resulting fraud.
  • Your bankruptcy will be recorded on your credit bureau report for a period of time following your discharge from bankruptcy. This will affect your credit rating.
  • For details specific to your province, please visit the PwC Debt Solutions office nearest you.

Learn about other options

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Bankruptcy Myths & Facts

Learn the truth about banckruptcy


Is bankruptcy my only option?

See all the questions and answers


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