A solution that allows you to erase your debts

Bankruptcy is a process that frees you from the majority of your debts by handing over some of your assets. With the help of a Lemieux Nolet trustee, filing for bankruptcy protects you from your creditors and allows you to erase your debts and put an end to your indebtedness.

The decision to abandon certain assets

To get there, however, you have to pay certain amounts of money and give up some of your assets to pay off your creditors. You must also follow all the stages of the bankruptcy process.

The conditions for declaring bankruptcy (assignment)

You must be insolvent:

Have debts of $ 1,000 or more;

Reside or own property in Canada;

You cannot be in bankruptcy; and

You find yourself in one of the following situations:

  • You are unable, for one reason or another, to pay your debts on the due dates; or

  • You have stopped paying your debts or your current bills (electricity bills, telecommunications bills, balance on credit cards, etc.); or

  • The value of all of the property you own (your assets) is less than the value of all of your debts (your liabilities).

Explore another alternative such as a consumer proposal.

Examples of eligible debts:

Most debts can be eliminated by a bankruptcy. These may include, among others:

  • Unpaid balances on credit cards;

  • Debt on lines of credit;

  • Personal loans;

  • Tax-related debts;

  • Debts to collection agencies;

  • Student debts, under certain conditions.

Debts that are not eliminated by bankruptcy

However, some debts cannot be included. This means that creditors could claim the money you owe them despite your bankruptcy. Contact us for more information.

Introduction to the Insolvency Counselling Program

The insolvency counselling program is part of the insolvency proceedings regulated by the federal government. Its goal is to provide you with the right tools and the right knowledge to help you free yourself from your insolvency.

This online program from the federal government will help you get your finances in order and plan for a more secure financial future!

This is the opportunity for a fresh start!

The program is here to help!

If you are in such a situation, you can file a consumer proposal by making an appointment with a Licensed Insolvency Trustee, formerly called a Bankruptcy Trustee.

A meeting that changes everything !

At Lemieux Nolet Insolvency Trustees, your first contact is with a Licenced Insolvency Trustee, not an advisor or a financial recovery councillor.

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1 866 858-4306

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