Do I qualify for bankruptcy?
In order to qualify you must be able to answer yes to one of the following questions. Do you owe more than $1,000? Does your debt exceed the value of your assets? Are you unable to pay your debt on time? Even if you answer yes, declaring bankruptcy is not your only option.
MORE QUESTIONSHow long will I be bankrupt? How much will it cost? How will my credit rating be affected? If I declare bankruptcy, will I lose everything? Should I declare bankruptcy? Will I still be responsible for some debts after filing for bankruptcy? Does Filing for Bankruptcy in Canada Affect My Spouse? What is a bankruptcy discharge and the process involved? What is the OSB and what are their responsibilities? If I file a proposal or declare bankruptcy, what happens to my credit rating? What happens if my creditors vote against accepting my consumer proposal? Can I leave some creditors out of my consumer proposal? How Do I Get a Mortgage After A Consumer Proposal? Can a student with a government student loan go through bankruptcy or get a consumer proposal? Will filing for bankruptcy cancel or reduce my child support payments?