Definition:
The financial inability to pay one's debts when due. Bankruptcy protects the debtor from debt collection by creditors. A debtor may file for bankruptcy, which is called voluntary bankruptcy, or a creditor may petition the court to declare the debtor bankrupt, which is called involuntary bankruptcy. Generally, not all debts are repaid in a bankruptcy. The court determines which debts are to be repaid according to their priority, and the debtor is typically granted a discharge from unpaid debts that are dischargeable under the Bankruptcy and Insolvency Act.

Whether you are the debtor (a person with a debt to another) or the creditor (the person to whom the money is owed), we can provide the right legal advice and the right legal action for your situation.

We have over four decades of experience with bankruptcy and insolvency matters. It is a GCY specialty.

Contact us today for background on how we can help you with this delicate legal issue.