What is Bankruptcy?

October 12, 2012 9:48 pm Published by

Bankruptcy is where an honest but unfortunate debtor can go through a process whereby their debts are extinguished which allows them to make a fresh start. In Canada the Federal Government governs the bankruptcy process through national legislation called the Bankruptcy and Insolvency Act. The Act gives Industry Canada the legal authority to license Bankruptcy Trustees in various jurisdictions throughout Canada.