Bankruptcy is a legal process, regulated by the Bankruptcy and Insolvency Act, by which you may be discharged from most of your debts. The purpose of the Act is to permit an honest, but unfortunate, debtor to obtain a discharge from his or her debts, subject to reasonable conditions.
When you declare Bankruptcy, your assets are given to a trustee in bankruptcy who then sells them and distributes the money among your creditors. (Some assets - if they don't have a lien on them are exempt from seizure - the Trustee will inform you of these as they vary by Province).
Once you declare bankruptcy, your unsecured creditors will not be able to take legal steps to recover their debts from you (such as seizing assets or garnisheeing wages).
Once you are legally bankrupt, you are required to perform the duties of bankrupts as outlined in the Act.
AC Group member Stevenson and Partners offers advice to assist you in understanding the possible options to deal with your financial problems. Their firm’s Associate, David W. Stevenson, BBA, D. Litt, FCPA, CIRP, is a Trustee in Bankruptcy who has helped many people and businesses overcome these financial challenges. With a dedicated bankruptcy team available to you, their office is committed to giving you individualized attention in a caring and understanding manner. They are here to assist you during this difficult and stressful period and will help you find solutions that work best for you.
"I was in the banking business for 20 years and worked with accounting firms of all types and sizes. When I made a career change 10 years ago one decision that was very easy to make was to use a local CA firm. I had seen first hand the importance of receiving personal, uninterrupted accounting and financial advice."
Jean Jacques Normand
President, Plaza Chevrolet
Pontiac Buick GMC
"We appreciate the level of service and attention a local firm provides, and the knowledge that as we grow, they have the backing of the AC Group association to grow with us."
Peter MacWilliam CA
VP Finance, Brunswick Valley Lumber Inc.
“Independent Insurance Brokers understand the value of supporting the community where we make our living. So our Company made a decision to contract out services to "local" rather than "out of town" suppliers, provided that the quality, dependability and value aspects were at acceptable levels. McIsaac Darragh Chartered Accountants were one of the first firms contacted in this regard and since 1989 have provided tax and accounting services that matched and bettered the above criteria. As a company we are very happy to be in partnership with a local firm who can be contacted quickly if the need should arise and will respond rapidly and in a totally professional manner to give correct advice at the right time. McIsaac - Darragh have grown with us and share in our success.”
President, Archway Insurance