Bankruptcy

Bankruptcy is a process following which a person is discharged from most of his or her debts, under the Bankruptcy and Insolvency Act. If you declare bankruptcy, a trustee will be appointed to manage the liquidation of your property.

If you have declared bankruptcy, you are subject to certain obligations as regards, for example, the way in which you report your income for the year of the bankruptcy or claim the tax credits to which you are entitled.