What is Bankruptcy?
Personal Bankruptcy in Manitoba is a way for people who are in financial trouble to get back on track.
How do I know if I should file for bankruptcy?
There are a number of different bankruptcy alternatives that should be considered before bankruptcy. Bankruptcy should be considered your last resort, and we strongly recommend you to contact a licensed bankruptcy trustee before making your decision final. A bankruptcy trustee can discuss your options and help you determine what is best for you.
What will happen when I file for bankruptcy?
In Manitoba, filing for bankruptcy means you will surrender everything you own to your bankruptcy trustee, in exchange for the elimination of your unsecured debts; however, bankruptcy differs in all areas of Canada, so it is important that you consult a trustee for more in depth information.
Will bankruptcy ruin my ability to get credit in the future?
Bankruptcy is a difficult decision. You will be able to get rid of most, if not all of your debts, but your ability to obtain credit will be effected. The bankruptcy won’t disappear off your credit report for approximately seven years, so it may be some time before you’re able to get credit again.
What does it cost to file for bankruptcy in Manitoba?
The cost for filing bankruptcy in Manitoba is determined by your monthly income, the size of your family, and your assets.
Will I have to pay for my first consultation?
You can contact our bankruptcy trustee and arrange for a free consultation. We will answer all questions you might have about bankruptcy in Manitoba, review your personal situation, explain the costs in more detail, and walk you through the bankruptcy process.