Personal Bankruptcy: How to File
Filing for personal bankruptcy in Canada might feel overwhelming, but with the right support, it’s more straightforward than you think. Here’s how to take your first step toward a fresh start.
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Getting Started
What Is the First Step to Filing for Bankruptcy?
The first step in filing personal bankruptcy in Canada is connecting with a Licensed Insolvency Trustee (LIT) — the only professionals legally authorized to file bankruptcy on your behalf. At Spergel, we start with a free consultation to understand your unique financial situation and walk you through your options, without pressure or judgment.
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Is Bankruptcy Really a Fresh Start — or Just Starting Over?
Bankruptcy is often misunderstood, but it’s actually a structured, legal way to clear your unsecured debts and begin again, with protection from creditors.
Contrary to popular belief, filing for bankruptcy doesn’t mean losing everything. In fact, some essential assets are protected, and the process is designed to help you rebuild, not punish you. At Spergel, we guide you through the personal bankruptcy process from beginning to end — with one dedicated Licensed Insolvency Trustee by your side the whole way. That said, filing for bankruptcy is still considered a last resort, and other options — like a consumer proposal — may be available depending on your financial situation.
step-by-step
How to File Personal Bankruptcy
Here are the key steps when filing for personal bankruptcy in Canada:
Review Your Finances
Take stock of your financial situation by reviewing your income, expenses, and debts. If you’re relying on credit to get by, missing payments, or facing collection calls, it may be time to consider bankruptcy. Gathering documents like credit card statements and pay stubs will help your Licensed Insolvency Trustee understand your situation and recommend the best path forward.
Your first real step is a free, confidential consultation with a Licensed Insolvency Trustee. At Spergel, you’ll work with one dedicated trustee — not a call centre — to review your options. We’ll help determine if filing personal bankruptcy in Canada is the right fit or if another solution, like a consumer proposal, is better for your goals.
Your trustee will help you gather and complete all required forms, including a list of your assets, debts, income, and expenses. Once submitted, your bankruptcy is officially registered with the Office of the Superintendent of Bankruptcy. This marks the start of your legal protection from creditors and the beginning of the personal bankruptcy process in Ontario or your province.
During your bankruptcy, you’ll have a few responsibilities — such as attending two credit counselling sessions and submitting monthly income reports. You may also need to make payments if you have surplus income or non-exempt assets. Don’t worry, we’ll guide you through every step to make it as smooth as possible.
Once you’ve completed your bankruptcy duties, you’ll typically be discharged in 9–12 months if it’s your first time filing. At that point, you are legally released from the debts included in your bankruptcy, giving you a clean slate and the opportunity for a fresh start.
Life after bankruptcy is all about rebuilding. With Spergel’s guidance, you can restore your credit, gain financial confidence, and make informed money decisions. We’re here to support you long after discharge, helping you move forward with clarity and confidence.
Still Have Questions?
Book a call with Spergel today — we’ll walk through your situation and help create a personalized plan to see if filing for personal bankruptcy is the right step for you.
Next Step
How Do I Get Started?
It all starts with a conversation.
Licensed Insolvency Trustees (LITs) are the only professionals in Canada legally authorized to file for personal bankruptcy. At Spergel, we make it simple, supportive, and judgment-free. Here’s what we offer:
- Free consultations — no pressure, no commitment
- A clear explanation of your options
- A customized plan based on your needs
- Ongoing support from your dedicated LIT — not a call centre
Everyone’s Situation is Different. Let’s Talk About You.
Book a free consultation with Spergel. We’ll walk through your situation and build a plan that gives you the relief you deserve.
Real Canadians. Real Success — Like David
“Spergel has been a true lifesaver for me. Facing overwhelming debts and a very challenging time in my life in general, they expertly navigated me through the bankruptcy process with compassion and efficiency. Their hands-on approach made the process seamless. Now, I’m on the road to financial recovery, free from the burdens of the past. Thank you, Spergel, for providing the support I needed for a fresh start.”
– David, Ontario
David’s Story is just one of many
David’s story is just one example of how bankruptcy, when guided by the right support, can offer real hope and lasting relief. Whether you’re dealing with personal loans, tax debt, or creditor pressure, bankruptcy can be a lifeline. Explore more Success Stories from Canadians we’ve helped — or reach out so we can help you, too.
Real Stories from People Just Like You
See how Canadians are regaining control through bankruptcy — and building brighter financial futures.
Is Bankruptcy the Right Option for You?
Let’s chat about your financial goals and explore whether bankruptcy is the right fit.
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