Under the Bankruptcy and Insolvency Act, you should be aware of several bankruptcy offences.
- Fraudulently dispose of property before or after your bankruptcy.
- Make false entries in a statement of account or hide, destroy or falsify a document related to your property or affairs.
- Obtain credit through false representations.
- Conceal or fraudulently remove assets, or conceal claims or debts.
- Obtain credit without informing the people involved that you are bankrupt.
- Refuse to respond fully and truthfully to questions posed during a BIA examination.
If you wish to report a bankruptcy offence, contact the OSB on 1-877-376-9902.
Bankruptcy: who can file?
The Bankruptcy and Insolvency Act describes bankruptcy as a legal process designed to relieve honest but unfortunate individuals of their debts.
It involves surrendering your assets to a Licensed Insolvency Trustee. In return, you are given legal protection from your creditors during your bankruptcy.
You will eliminate your unsecured debts at the end of the bankruptcy term. You won’t lose all of your assets; some are protected when you file.
Get debt relief
Free consultation with a Licensed Insolvency Trustee by video, phone or in person.
- Experienced trustees
- Local offices
- Personalized plan
- No fees
It only takes 30 seconds.
Share this article