A Fisher Associates | Bankruptcy

What is personal bankruptcy ?

Personal bankruptcy is a legal process that provides protection from creditors and eliminates your debts.

Hundreds of thousands of Canadians are struggling with debt every day and while for many there are other options to deal with their debt, for an average of 60,000 Canadians every year bankruptcy is the only option.

The thought of applying for bankruptcy may seem daunting, however, there is help and support available to those in need. A bankruptcy can only be filed with a federally regulated Licensed Insolvency Trustee like A. Fisher Associates Inc.

Despite thousands of people across the country turning to personal bankruptcy as a form of debt relief there are still misconceptions surrounding the debt relief solution.

Myth:  If I file for bankruptcy, I will lose my assets.

Fact:  Filing for bankruptcy protects your assets.

That’s why our experienced advisors are proud to offer help and advice to anyone considering personal bankruptcy. They will guide you through the process of applying for bankruptcy and help you decide if it’s the right option for your circumstances.

What debts can be included in personal bankruptcy?

You can eliminate most unsecured debt in a bankruptcy.

Typical unsecured debts that can be included in bankruptcy are:

  • Credit Cards
  • Bank loans, including overdraft accounts and unsecured lines of credit
  • Payday loans
  • Taxes
  • Personal loans
  • Student loan debt – with certain restrictions

What debts can’t be included in personal bankruptcy?

Although a bankruptcy is a positive way to eliminate your unsecured debts and start on the road to rebuild your credit, there are certain debts that cannot be eliminated through a bankruptcy, including:

  • Fines or penalties imposed by a Court
  • Unpaid alimony or child support
  • Debts that arose as the result of fraud
  • Certain student loan debts

You should also note that secured debts, guaranteed by an asset, such as a mortgage on your house or a vehicle loan, cannot be eliminated in a bankruptcy

If you file a bankruptcy, you can continue to pay your secured creditors or, stop paying and surrender the asset.


What are the benefits of bankruptcy?

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Protection from your creditors

Filing a bankruptcy gives you complete legal protection from creditors. It prevents and stops legal actions, it stops wages being garnisheed and lifts freezes on bank accounts. It even gives you protection from CRA.

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Elimination of your debts without the need for creditor approval

Unlike other options, you do not need creditor approval for your debts to be eliminated. No one can stop you from filing a bankruptcy, and once the process is completed, you will be debt free!


More affordable option

Unlike other options, the cost of a bankruptcy is not based on the amount of debt you have. The cost is based on your income; the lower your income, the lower the costs. A bankruptcy costs less then other options.





Is bankruptcy right for you?

Bankruptcy could be the answer to your financial problems if:

  • You are unable to manage your debt
  • The calls and harassment from creditors are becoming overwhelming
  • You do not have the cash flow to offer to pay back all or a portion of your debts


Being in debt is can be difficult to handle and can put you in a lonely place, but at A. Fisher & Associates Inc. we want you to know that you are not alone. Our expert advisors are here to help you find the best solution for your situation.