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Bankruptcy in Ontario is a solution–not the problem. Choosing bankruptcy as the best solution to your financial problems is not easy, but it lets you start again and relieve the pressure of severe debt.

When you weigh the affects of your debt on your daily life: your job performance, your family and personal relationships, bankruptcy can be the most realistic option to regain control of your life. If you choose not to take action, things will only get worse.


One of the main reasons that the government enacted bankruptcy legislation is to give a person burdened with debt, an opportunity to start again. At one time bankruptcy was rather rare and carried a significant stigma. This is no longer true. Tens of thousands of Canadians use bankruptcy legislation every year to start again.

Many people after filing for bankruptcy in Ontario have said one or more of the following:

  • I feel like a weight has been lifted off me.
  • I can answer the phone again.
  • I wish I had done this sooner.
  • Now I can sleep again.
  • My pay cheque is mine again.
  • Bankruptcy is not as bad as I thought.



Fear of bankruptcy causes people with severe debt problems to procrastinate, incur more debt, lose sleep, squander assets they otherwise could keep, experience stress to the point it causes health, relationship and other problems, all because they are afraid to go bankrupt.  But, they are relying on their own assumptions and usually misinformation about bankruptcy.  The reality is that their current situation will only get worse until they get help.

Ontario Bankruptcy myths debunked:

  • You likely can keep your house.
  • There is no debtors prison in Canada.
  • You can still cross the border.
  • There is no newspaper advertisement for most bankruptcies.
  • It will be not be on your credit rating forever.
  • There is no criminal record for filing bankruptcy.
  • Bankruptcy is usually over for an individual in 9 months.
  • You can buy a house after the bankruptcy is over.
  • You likely can keep your car.
  • You may get credit after the bankruptcy is over.
  • No one comes to your house to look at your stuff.
  • Your tools of trade, furniture, personal effects and car are exempt (with limits).
  • You can start rebuilding your credit rating once the bankruptcy is over.
  • You keep your pay cheque.
  • You can have a bank account.

Bankruptcy Reality

Bankruptcy protects honest hard-working people who have a debt problem due to circumstances and/or mistakes. It allows them a fresh start after a period of time usually only 9 months. It stops garnishments, legal actions, and creditor and collector calls, immediately. Virtually all types of common debts are included in a bankruptcy, including income tax debts.

Bankruptcy FAQs

What is Bankruptcy in Ontario? How do I go bankrupt? You’ll find the answers to these and other questions on our Bankruptcy FAQs page.

Obviously, bankruptcy is an alternative you cannot take lightly and you will want to ensure that all other potential solutions are considered first. We can help you understand all of your options so you can make the right decision and take the appropriate actions.