What is Personal Bankruptcy?
Declaring or filing for personal bankruptcy is a legal process in Canada. When you are unable to pay your debts, you file for bankruptcy under the Bankruptcy & Insolvency Act. Insolvency can be defined as your inability to meet the financial responsibilities and insufficient assets to pay off your debt. However, you can file bankruptcy if you owe more than $1000 in total. You have to approach a Licensed Insolvency Trustee to understand and proceed with this legal process.