Bankruptcy is a legal process that permits
a person who is unable to pay their debts to get a fresh start.
In Canada, bankruptcy requires consultation with a federally licensed Trustee in Bankruptcy.
The Trustee reviews a person’s specific situation, the amounts owed and to whom, any assets they
may own, plus any special circumstances, to determine the person’s best options for relief
from the burden of their debt. If one of the legal remedies is recommended
(generally, bankruptcy or a consumer proposal), the Trustee will draw up papers which, when
signed, are sent to the Office of the Superintendent of Bankruptcy for registration.  Once the
file is registered, no action can be taken to collect your debts (with a few exceptions)
without specific court approval. As long as you meet your obligations under
the requirements, and there is nothing particularly unusual about your file, your bankruptcy will
proceed according to a predictable schedule, and will be discharged as expected. Your debts
will be discharged as well, and your fresh start will have already begun.