Licensed Insolvency Trustees Who Speak Your Language

Personal Bankruptcy Options in Toronto and Ontario

Our Licensed Insolvency Trustees (previously known as Trustees in Bankruptcy) at Harris & Partners Inc. know that filing for bankruptcy can be a daunting process. Don’t go it alone; contact us before you file for personal bankruptcy in Ontario. One common misconception is that only those who are out of money entirely can file for bankruptcy. This simply isn’t true. While you must show you are unable to pay bills before you file, there's no reason to wait until you've run out of money completely.


For residents in Markham, Barrie, Brantford, Hamilton, KitchenerOshawa, Pickering, St. Catharines, Brampton, North York or Torontopersonal bankruptcy doesn’t have to overwhelm you. Get answers to these commonly asked bankruptcy questions; contact us anytime if you don’t see answers to your questions below.

Who is eligible to file for bankruptcy?

Anyone who owes at least $1,000.00, is 18 years of age or above, and is unable to meet obligations as they become due is eligible to file for bankruptcy.


Can I choose which debts are included?

No. All debts factor into your personal bankruptcy. However, some debts will carry through after bankruptcy and require regular payments (e.g., child support or related debts).


Will personal bankruptcy make me lose everything?

No. In the Greater Toronto Area, the following items are exempt from seizure:

  1. Personal effects no more than $5,650.00
  2. Household goods no more than $11,300.00
  3. Tools-of-trade no more than $11,300.00
  4. Motor vehicles no more than $5,650.00
  5. Home Equity no more than $10,000.00


How do I file for bankruptcy in the Greater Toronto Area?

First, you must meet with a Licensed Insolvency Trustee (previously known as a Trustee in Bankruptcy) at Harris & Partners Inc. at one of our locations in Southern Ontario to review your financial situation.


Your Licensed Insolvency Trustee will then advise you on your best options.


Once you decide that personal bankruptcy is the best solution, the trustee will prepare the proper documents for you to sign and submit to the official receiver. At this point the bankruptcy is in effect. Your trustee then notifies all creditors of your official status.


What are my duties following bankruptcy?

  1. Fully disclose all assets and liabilities
  2. Attend two financial counselling sessions
  3. Inform the trustee of any material change of income
  4. Inform the trustee of any change of address
  5. Attend all meetings called by the trustee


How long does my bankruptcy last?

If this is a first bankruptcy and all duties are performed fully (and there are no objections), the bankruptcy will be discharged in nine months.


Does bankruptcy stop wage garnishments?

Yes. All garnishments from civil court will be stayed immediately.


Can student loans be included in the bankruptcy?

Yes. If the bankrupt person(s) finished studies more than seven years ago, the student loan will, in effect, be wiped out upon the bankrupt's discharge. If studies ended fewer than seven years ago, the student loan will survive the bankruptcy (i.e. the loan must be repaid).


Are debts to Revenue Canada included?

Yes, debts to Revenue Canada are included in the bankruptcy.

Harris & Partners Inc. is standing by and ready to help you through this stressful time. Our services are offered in many languages, from Greek to Cantonese. If you’re considering bankruptcy in the Greater Toronto Area, you can rely on us to help you!


Contact one of our ten regional offices in the Greater Toronto Area and Southern Ontario.

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