“True individual freedom cannot exist without economic security and independence.”
Franklin D. Roosevelt
In Canada, the majority of your debts are included in the bankruptcy process. The Courts will divest you of assets according to both federal and provincial laws (as of July, 2008, you will be able keep your RRSPs, providing that the Court does not judge that you deliberately put money into RRSPs in order to protect it from creditors). The idea behind the bankruptcy process is that you emerge from the process with the opportunity to begin again financially, providing you meet certain responsibilities that you may have incurred.
Your bankruptcy trustee’s review of your finances will reveal which debts, if any, you will still need to pay following completion of bankruptcy or a consumer proposal.
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