124 - What Happens When You Go Bankrupt in Canada?

Personal Bankruptcy is a legal process overseen by the federal government to help Canadians who can’t afford to repay their debts find debt relief. The number of people struggling with insolvency has increased substantially as the cost of living remains high. No-one really wants to go bankrupt but as Licensed Insolvency Trustee, Derek Chase explains, Bankruptcy can be viewed as a tool to help fix your finances. This podcast answers some of the most frequently asked questions about this debt relief option. 

Will I lose my paycheque?Which of my assets are exempt?Will someone come to my house and inventory my belongings?Will I have to go to court?What happens to my vehicle?What will life be like in the months that I am in Bankruptcy?

Before you make any decisions about how to deal with your debt, consulting with a Licensed Insolvency Trustee will assure you that all options will be explored. Bankruptcy is just one of the solutions available to Canadians. Your initial consultation with a Trustee is free. 

About Derek Chase

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.  

Additional Resources Chase & Associates Licensed Insolvency TrusteeIs Bankruptcy a Bad Thing?Personal Bankruptcy Facts: How to Declare Bankruptcy