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Bankruptcy in Canada

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Navigating bankruptcy together - your path to debt relief

Filing bankruptcy can be stressful and overwhelming. At Harris & Partners, we recognize the emotional toll and uncertainties that come with such a difficult financial decision. But remember this: you don’t have to face it alone.

Our team is dedicated to standing by your side, offering guidance, support, and solutions tailored to your unique situation. With our seasoned professionals, you can move towards regaining financial freedom with the dignity and respect you deserve.

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Get bankruptcy help - it's a simple process


We will sit with you and take the time to fully understand your specific situation. We’re here to provide a listening ear and judgment-free, safe space.

To help you find the best solution, we’ll need the full picture, including information on your income, debt and who you owe money to. All of our consultations are free and confidential.


Once we have a full understanding of what you’re facing, we’ll start making a plan. This involves exploring every debt solution option, and only committing to things that you are comfortable with. We will never pressure you into any decisions and tailor our services to suit you.


Once you are happy with the plan, we will put it into action. You and your financial wellbeing will always remain our top priority; you can count on us for unwavering support and trustworthy guidance from start to finish.

Shahrad Nakhaie
Shahrad Nakhaie
They are so great, every thing was so easy for me. Unbelievable, All my debt are gone now and I feel like I'm free, thanks Osman Ali for all you did for me, at the first time it's even hard to believe that was real, but it's real and easy. Thank you bro for your help.
Osman is a professional and you cant find anybody better. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you osman and the rest of the team for helping me through my struggles.
Banda Gueye
Banda Gueye
Osman is a vert nice gentlemen, he was polite sweet and gentle. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you Osman and the rest of the team for helping me through my struggles.
Kim Brown
Kim Brown
So far this has been a great company, I have been with them over a year. Every time I have an issue Josh jumps right on it and helps me out. He never makes me feel like I'm being a pain in the butt 🙂 I definitely recommend them, I have referred two of my family members to get help and now Josh is helping them as well. I thank you Josh for all the hard work and responding so quickly to all my messages.⭐️⭐️⭐️⭐️⭐️
Ajanthan Murugananthan
Ajanthan Murugananthan
Staff members Samuel and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and line of credit and made it manageable. I would highly recommend Harris & Partners Inc. They have given me a new life in my financial life to success.
Paul Woo
Paul Woo
Staff members Yasan and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and made it manageable. I would highly recommend Harris & Partners Inc.

What happens when I file for bankruptcy? - 6 steps

Are you considering delcaring bankruptcy? There are six steps to filing for bankruptcy in Canada:

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Step 1. Initial consultation with a Licensed Insolvency Trustee

Contact a licensed insolvency trustee (LIT). An LIT can assess your financial situation and help you determine if bankruptcy is the right option for you.

Get started with a debt relief solution
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Step 2. Completeing and filing bankruptcy paperwork

Sign paperwork to declare bankruptcy. The LIT will help you complete the paperwork and file it with the Office of the Superintendent of Bankruptcy (OSB).

Speak with a specialist
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Step 3. Notification and creditors and debt collection halt

Your creditors (the people you owe) will be told and they will no longer be allowed to collect debts from you

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Step 4. Asset evaluation and liquidation

The LIT will review your assets and determine which ones are exempt from bankruptcy. Any non-exempt assets may be sold to pay your creditors, or an arrangement to buy them back from the Trustee can be made.

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Step 5. Attending a creditor's meeting (if required)

In some cases you may need to attend a creditors’ meeting where your creditors can ask you questions about your bankruptcy.

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Step 6. Achieving debt discharge post-bankruptcy duties

In most cases, after completing your bankruptcy duties, you will receive a discharge from your debts. This means that most of your debts will be wiped out.

Speak to a LIT
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What is bankruptcy?

Bankruptcy is a debt relief solution that involves handing over your assets (like property and what you own) to a Licensed Insolvency Trustee. They will then use these assets to pay off what you owe.

In Canada, bankruptcy can last between 9 and 36 months, depending on what income you have. Either way, at the end of the bankruptcy, your debts will be canceled, offering you a fresh financial start.

We know how daunting this decision can be. The good news is that, with our Licensed Insolvency Trustees at your side, you don’t have to face it alone. They will always work with your best interests in mind, helping you find the smoothest way back to financial stability.

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Is bankruptcy worth it?

We understand that debts can be overwhelming and leave you feeling like there’s nothing left to do. Since bankruptcy is a drastic measure, we would never suggest it as your first solution. That being said, it does give you a clean slate if you’re in over your head.

Declaring personal bankruptcy will eliminate most of your debt and end debt collector phone calls and visits. However, if you don’t make changes to your financial habits, it will not solve all your problems.

It essentially gives you a second chance, but what you do with that second chance is up to you. During the bankruptcy process you will receive financial counseling, which gives you the tools needed to succeed.

If you’re considering bankruptcy as an option, give our professionals a call today. They will take the time to understand your specific situation and help you find the best path back to financial freedom.

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What can I keep after bankruptcy?

Because bankruptcy involves handing over your property to a Licensed Insolvency Trustee, it can be a scary decision to make. But don’t worry – you won’t be left with nothing.

Bankruptcy exemptions

In Canada, the following assets are exempt from bankruptcy:

  • Essential personal belongings – Clothing, furniture, appliances and bedding
  • Retirement savings – Registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs)
  • Government benefits – Social assistance, employment insurance, and Canada Pension Plan (CPP) benefits
  • Some types of property – Land, vehicles and tools used for self-employment
  • Certain debts – Student loans, child support payments and alimony payments
  • Vehicles – Any vehicles you own or depend on are protected

All of these exemptions are province-by-province, and have different exempt amounts depending on where you are. If you have questions about what you would have to hand over in a bankruptcy, give our team a call. We are always on hand to help and will be with you every step of the way.

Our Licensed Insolvency Trustees: get professional bankruptcy help

We understand that debt can be stressful and scary, but we are here to help. Our Licensed Insolvency Trustees are backed by years of experience and are ready to help you find a way through.

  • Jay harris
    Jay T. Harris
    Licensed Insolvency Trustee
  • kyle
    Kyle Harris
    LL.B., CIRP, LIT
    Licensed Insolvency Trustee
  • adam
    Adam Fisher
    Licensed Insolvency Trustee
  • Joshua Harris
    Joshua Harris
    Licensed Insolvency Trustee
  • advisor
    David Adams
    Licensed Insolvency Trustee
  • doug
    Doug Loiselle
    Licensed Insolvency Trustee
  • Rob McLernon
    Robert McLernon
    BComm, CIRP, LIT
    Licensed Insolvency Trustee
  • shelley
    Shelley Koehli
    Licensed Insolvency Trustee
  • Jill Strueby
    Licensed Insolvency Trustee

Bankruptcy FAQs

Which debts can bankruptcy help you remove?

Most debts can be removed by bankruptcy, though things like student loan debt that is less than 7 years old on the date of filing, and child or spousal support will not be included.

Am I eligible to file for bankruptcy?

You are eligible to file for bankruptcy if you owe at least $1,000, are 18 years of age or older and are unable to meet your repayments. 

What are my responsibilities during bankruptcy?

When you file for bankruptcy, there are some responsibilities you will have to take on. Following the bankruptcy, you will have to:

  • Fully disclose all assets and liabilities
  • Attend two financial counseling sessions
  • Inform the trustee of any material change of income or address
  • Attend all meetings called by the trustee

We know this can seem like a lot, which is why we will be on hand to help you throughout the full process.

How long does bankruptcy last?

If this is a first bankruptcy and all duties are performed fully (and there are no objections), the bankruptcy will be discharged in nine months.

How long does bankruptcy stay on credit report?

6-7 years. Bankruptcy will stay on your credit report for 6 years after the discharge date or 7 years after the date filed without a discharge date.

How much does it cost to claim bankruptcy?

The cost to file for bankruptcy depends on your total household income, the number of people in your household, and the equity you hold in non-exempt assets as set out by the government.

After you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month. If you earn over the limit, you are required by law to contribute half of that surplus income to your bankruptcy estate, which is then distributed to your creditors.

For example, if a family of four brings in a total of $5000 net per month (after tax is paid), their surplus income in 2018 would be $1,002, and so they would owe $501 to their creditors each month.

Your Trustee will calculate your surplus income obligation for you. As a result of this math being dynamically based on your household income, it is best that you reach out to an LIT to ask all of your questions and look at all available options, because sometimes a consumer proposal will be a better alternative for you.

Are debt to revenue Canada includes?

Harris & Partners Inc. is standing by and ready to help you through this stressful time. Our services are offered in many languages, from Greek to Cantonese. If you’re considering bankruptcy in the Greater Toronto Area, you can rely on us to help you!

Can student loans be included when declaring bankruptcy?

Yes. If the bankrupt person(s) finished studies more than seven years ago, the student loan will, in effect, be wiped out upon the bankrupt’s discharge. If studies ended fewer than seven years ago, the student loan will survive the bankruptcy (i.e. the loan must be repaid).

Where are you based?

Harris and Partners have offices across Ontario and Alberta, including: Markham, Barrie, Brampton Brantford, Calgary, Hamilton, Kitchener, North York, Oshawa, Pickering,St. Catharines and Toronto.

We also operate in the following areas and surrounding areas: Waterloo, Lethridge, London, Windsor, Guelph, Kingston, Kanata, Milton, Greater Sudbury, Red Deer, Edmonton, Fort Mcmurray.


Get bankruptcy advice with Harris and Partners

Our Licensed Insolvency Trustees (previously known as Trustees in Bankruptcy) at Harris & Partners Inc. know that filing for bankruptcy can be a daunting process. Don’t go it alone; contact us before you file for personal bankruptcy in Canada. One common misconception is that only those who are out of money entirely can file for bankruptcy. This simply isn’t true. While you must show you are unable to pay bills before you file, there’s no reason to wait until you’ve run out of money completely.

For residents across the country, personal bankruptcy doesn’t have to overwhelm you. Get answers to these commonly asked bankruptcy questions; contact us anytime if you don’t see answers to your questions below.

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Where you can find our bankruptcy services in Canada

We operate across all provinces (except Quebec), so help is always available at a Harris & Partners office near you.

Our Debt Management Solutions

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Support across Canada

Why Harris & Partners

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Remove up to 80% of your debt

Our Licensed Insolvency Trustees provide a customized service that could remove up to 80% of your debt and stress, so you can breathe easier.

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We speak your language

Our multilingual team provides support in many languages, from Farsi and Portuguese to Italian and Tamil, leaving out complicated jargon, so you understand everything, every step of the way.

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Debt support across nine provinces

Want to speak to someone in person? Our team is on hand to help at a Harris & Partners office near you.