Personal bankruptcy is a legal process under theBankruptcy & Insolvency Act of Canada.
Where debtors are facing insolvency, bankruptcy gives financial relief by stopping all debt payments, legal collection to collect debts, and garnishments.
You might consider filing for bankruptcy where you’re:
- unable to pay bills
- debt is increasing vs declining
- unable to pay credit card balances
- debts leave little income left over for living expenses
- you’re getting collection calls