At Loans Canada we understand that some financial issues can become too overwhelming to handle on your own and that sometimes filing for bankruptcy is the only option – despite the fact that we often advise our our clients to avoid it. We also understand that simply because it might be your only option, it doesn’t make it any easier. That’s why we want to help you regain control of your future and your finances. We’ll work closely with you to help find the right debt relief specialist who understands what you’re going through.

When is Bankruptcy the Best Option?

Because bankruptcy is such a serious procedure we want you to make sure that it’s the best option for you before you make your final decision. If bankruptcy is currently on your mind, here are a few situations where filing for bankruptcy might be your best option.

  • When your current debts are higher than your income
  • When making your monthly payments on credit cards or loans become impossible
  • When you can’t pay your basic monthly bills
  • If your wages have been garnished

Benefits of Filing for Bankruptcy

Filling for bankruptcy can sometimes feel like you’ve failed, but we don’t want you to feel like this. We want you to look at filing for bankruptcy like taking the first step towards creating the financial future you deserve. If bankruptcy is really the best option for you, you will benefit from it.

  • Your creditors will no longer be able to take legal action against you
  • Certain assets will be protected from your creditors
  • The majority of your debts will be cleared (you will not have to pay them back)
  • Bankruptcy stops wage garnishment
  • You’ll receive financial counselling to help you improve your financial future
  • Debt relief that will provide you with a fresh start

While bankruptcy shouldn’t be filed unless completely necessary, we want you to know that it can and will provide you with the debt relief you need and the opportunity to start fresh.

What to Except When Filing for Bankruptcy

Filing for bankruptcy is a stressful situation and it might even seem like you’ve chosen the wrong option or like the process will never end. We want you to understand that any of the debt relief experts that we connect you with will not allow you to file for bankruptcy unless it’s the best option for you and your financial situation. Your debt specialist will also make sure that you understand what’s going on every step of the way and make available to you all the information you need. Here are a few things you should except when filing for bankruptcy.

  • You will not lose everything. Most people have been led to believe that they will lose all of their assets when they file for bankruptcy; however this is not the case. In Canada the Bankruptcy and Insolvency Act works to protect consumers from having all of their assets seized.
  • You’ll be protected from creditors. Filing for bankruptcy will immediately protect you from any harassing creditors. Your creditors won’t be able to take legal action against you and they’ll have to cease calling and harassing you.
  • Life after bankruptcy does exist. People often feel like their lives will stop after they’ve filed for bankruptcy. When bankruptcy is the best option it will provide you will a clean state and a fresh start.
  • 1000s of Canadians have filed for bankruptcy. It’s important to feel like you are not alone, filing for bankruptcy is something that 1000s of Canadians have done in the best and will continue to do in the future.

Start Your New Life Today!

Filing for bankruptcy does not mean you’ve failed, it means you’ve taken the right steps towards improving your financial future. Start the process today and we’ll connect you with the best debt specialist for your situation.


All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.