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Who can go bankrupt?

In order to declare bankruptcy, you must meet certain conditions, i.e.:

  • owe at least $1,000.00;
  • be unable to meet regular payments as they become due;
  • your debts must be greater than the realizable value of your assets.

In general, bankruptcy is considered the best solution only if you cannot reorganize your debts in order to meet your regular payments or if your wages are being garnisheed.

 

  
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BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.

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