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Personal Bankruptcy

Personal bankruptcy in Ottawa, Gatineau, Montreal and beyond

Personal bankruptcy is a legal action that allows you to surrender your assets for the benefit of your creditors in exchange for the elimination of your debts. If you’re insolvent and unable to consolidate your debts or file a consumer proposal, Bernier & Associates can help. Our licensed insolvency trustees can oversee personal bankruptcy proceedings in Ottawa or Gatineau and free you from the burden of overwhelming debt. Contact us today to find out how we can help you get a fresh start. 

How does declaring bankruptcy work?

Filing for bankruptcy frees you from most or all of your unsecured debts including credit card balances, lines of credit, payday loans and tax debts. It also triggers an automatic stay of proceedings, which suspends any legal actions brought against you by your creditors such as wage garnishment.


If you’re claiming bankruptcy for the first time, you’ll typically be discharged from your debts after nine months. However, information about your bankruptcy will remain on your credit report for an additional six years. If you file for bankruptcy a second time, it’ll appear on your credit report for 14 years.

Does declaring bankruptcy erase all debts?

Since bankruptcy only deals with unsecured debts, it won’t eliminate loans that are guaranteed by collateral such as a mortgage or car loan. Other types of debt excluded in bankruptcy include alimony, child support and student loan debt (if you haven’t been out of school for more than seven years).


Furthermore, if someone has co-signed or guaranteed a loan for you, your personal bankruptcy proceedings won’t release that person from their obligations.

What is the role of a licensed insolvency trustee?

A licensed insolvency trustee is the only professional authorized to administer a bankruptcy in Canada. In addition to preparing and filing the necessary paperwork, a licensed insolvency trustee is responsible for ensuring the rights of both the debtor and creditors are respected throughout the bankruptcy process.



Trusted advisors in Ontario and Quebec


If you’re struggling to pay off your debts, reach out to Bernier & Associates to discuss your options. One of our licensed insolvency trustees can explain your financial restructuring options and determine if personal bankruptcy is the right solution for you.


Contact us today to schedule a free consultation in Ottawa, Gatineau, Montreal or any of our 15 offices in Ontario and Quebec.

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