Bankruptcy Quebec City 

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Written by Kale Havervold

Best Bankruptcy Quebec City  (Online) August 2021

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Compare the providers in this region

Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 22.99% 24 - 60
$1,000 - $3,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Credit Matik
$250 - $1,250 22% 3 - 6
$250 - $1,250
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Prêt Express 911
$250 - $1,250 22% APR -
$250 - $1,250
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
goPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
Financeit
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
Fina Capitale
Up to $30,000 28% - 32% 1 - 3
Up to $30,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash Depot
$300 - $1,500 32% APR 3 - 5
$300 - $1,500
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Fairstone
Up to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
TD Bank
- - 12 - 60
-
Accord Financial
$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
Loop
- - -
-
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Desjardins
Up to $100,000 - -
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Auto Credit Deals
Up to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 29.99% 12 - 72
$1,000 - $3,000
Alphera Financial Services
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
Up to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
N/A N/A N/A
N/A (Referrer)
N/A
Peoples Bank
- 1.94% - 2.45% 12 - 60
-
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Turnedaway
- - -
-
REICO
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
First National Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 3.89.% - 4.84% 12 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
Raymond Chabot
Bankruptcy, Consumer Proposal
Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Note: Loans Canada does not arrange or underwrite mortgages or any other financial service. We are a simple referral website that provides free educational resources to help Canadians make better decisions.

Canada as a country has a generally high cost of living. This goes for real estate, groceries, gas, and many other things people need to purchase regularly. While some can afford these large costs, others cannot.

Many people take out loans or overspend on their credit cards to stay afloat. This can help in the short term but can leave you stuck under a mountain of debt in the long term. Thankfully, there can be a way out of this insurmountable debt, in the form of bankruptcy in Quebec City.

What is Bankruptcy?

Bankruptcy in Quebec City is a legal process that sees you surrender your assets in exchange for the forgiveness of your debt. The exact assets you need to surrender (and what you get to keep), can vary from province to province. It is designed to offer relief to an honest debtor who got in over their heads, while also being fair to creditors.

In order to file for bankruptcy, you require the services of a Licensed Insolvency Trustee (LIT). They are educated and experienced in the space and are the only people who can administer a bankruptcy in the country. They are licensed by the federal government and regulated, so their costs are quite reasonable most of the time.

As long as you live in Canada and are insolvent (have debts of over $1000 that you cannot reasonably pay off), you are able to go into bankruptcy.

How Does Bankruptcy Affect Your Credit in Quebec City?

While bankruptcy in Quebec City is a great way to start fresh financially, it does come with some drawbacks. One drawback is that a bankruptcy will negatively affect your credit. In Canada, all the credit accounts (credit cards, loans, lines of credit, etc.) you have, appear on your credit report and are given a rating on a scale of 1 to 9. When you file for bankruptcy, all the accounts associated with it will be given a rating of 9 which is the lowest rating.

If this is your first bankruptcy, that credit rating will remain at 9 for 6 years after your bankruptcy is discharged, so almost seven years total. If it is your second bankruptcy, your rating will remain for 14 years. While it is unfortunate to have your credit negatively affected by a bankruptcy (and have it last so long), sometimes it is better to start fresh with a bad credit score than it is to continue drowning in a sea of debt.

How to Repair Your Credit After a Bankruptcy?

While bankruptcy in Quebec City can do some damage to your credit, not all is lost. It is completely possible to build your credit back up to a good place. Some of the things you can do to rebuild and repair your credit include:

  • Ensuring all of your bills are paid on time and in full
  • Keeping your credit utilization relatively low
  • Spending responsibly and not overspending on things you don’t need
  • Keeping old and established credit accounts open
  • Not frequently applying for new credit
  • Getting a copy of your credit report and make sure that there are no mistakes

As long as you stay committed and listen to the above tips, you should be well on your way to improving your credit. However, you need to be aware that improving your credit is a process. It won’t happen overnight and will take a few sacrifices and lifestyle changes in most situations. So while it might be some time before you’re able to borrow money again at an affordable rate, your sacrifices and lifestyle changes will be worth it in the end.

Everything you need to know about bankruptcy court in Canada.

When is Bankruptcy the Right Choice?

Before deciding to file for bankruptcy in Quebec City, it is a good idea to know which situations it makes the most sense for. Bankruptcy isn’t always the right call, and choosing to enter bankruptcy when it doesn’t make sense can be very costly and stressful. In general, bankruptcy is the right choice when:

  • You can no longer keep up with your loan payments or have defaulted on your loans
  • You are unable to earn more money to make any progress on your loans
  • You have already exhausted other options

Of course, every situation is unique, so it’s a good idea to speak to a trusted expert or professional to see if bankruptcy makes sense for your exact situation.

Can All Debts Be Included in Bankruptcy?

So while bankruptcy can often be the right choice if you are struggling with debts, can all debts be included in a bankruptcy in Quebec City? The quick answer is no. There are some debts that cannot be included in a bankruptcy, and it is a good idea to know of these before you attempt to file for one.

Some of the debts that cannot be included in bankruptcy are:

  • Secured loans like mortgages and car loans
  • Alimony and child support
  • student loan debt (unless it can be proven you will never be able to pay it)
  • Legal fines like traffic tickets or other infractions
  • Any debt that you have forgotten to include in your paperwork

Other than that, most debts are able to be included in bankruptcy and will be forgiven once the legal process is completed. This includes most unsecured debts, as well as lines of credit, medical bills, unpaid utility bills and certain taxes like income tax and property tax.

If you are still confused about whether some kind of debt that you have can or cannot be included, be sure to reach out to an expert and they can likely provide you with some assistance.

Is bankruptcy the right option for your tax debt?

Be Aware of Pre-Bankruptcy Options

Bankruptcy in Quebec City is a decent option in many situations, but it is not the first option you should consider. It is quite extreme and is often only reserved for very specific cases where debtors have nowhere else to turn. Before considering bankruptcy, here are a few other options you should consider.

Credit Counselling

Credit counselling is when you meet with a credit counsellor to speak about your financial needs. You can talk about how to spend more responsibly, how to budget, or even get some tips to get out of debt. This is often most useful when you simply want to get ahead of your problem and get some general advice on finances. If you go to credit counselling before things get too bad, there is a chance it will stop you from ever having to deal with a more extreme debt relief solution.

Debt Consolidation

Debt consolidation is when you take out one large loan to cover all of your smaller ones. The goal is to qualify for a lower interest rate and make your monthly payment much easier to manage. There are two options here, a debt consolidation loan and a debt consolidation program. Each will have slight differences, but the goal of simplifying your payments and getting you a lower interest rate still persists.

Debt Settlement

A debt settlement is when you make an offer to settle your debt with your creditors. For example, if you owe $10,000, you might make an offer to settle the debt for $6,500. If they accept, you still save a lot of money, while they are able to recoup some of what they lent. While it might be tempting to make a low ball offer to save more money, this is often the wrong choice. If your offer is too low, the creditors might deny it, as there are no rules about a debt settlement being required to be accepted. So be sure to make a settlement offer that works for both you and your creditors.

Consumer Proposal

A consumer proposal is, like bankruptcy, a legal process between you and your creditors. It is also set up by a LIT like bankruptcy is. You and your LIT will essentially come up with a proposal to give to your creditors in which you offer to pay back a portion of what you owe or ask for more time to pay back what you owe. Once your proposal is accepted, you will begin making the agreed-upon payments on the schedule that was outlined and accepted in the proposal. Like with a debt settlement, be sure the amount is fair not only for you but also for your creditors.

Is Bankruptcy Right For You?

If you’re struggling to keep up with your debt obligations in Quebec City and have been considering seeking professional advice, Loans Canada can help put you in contact with the right experts. 

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