First time bankrupts with no surplus income requirements will automatically receive a discharge after 9 months or after 21 months if they have surplus income.
Would you be surprised if I told you that the fastest growing demographic group of bankruptcy filers is those over 65? It’s sad, but true. Financial hardship has forced many seniors to consider whether or not to file personal bankruptcy.
Most consumer debt can be classified into two types, secured and unsecured. This can be useful to know what type your debt is when you are considering bankruptcy.
Generally speaking, the Bankruptcy Insolvency Act (BIA) is a federal statute that governs bankruptcy, consumer proposals and receiverships in Canada. It provides relief to the honest, but unfortunate debtor from the crushing burden of debt so they can get a fresh start.