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.
How we can help
Whether you're declaring banktruptcy or are a creditor owed money, the experts at our Toronto law practice can assist you. Our team can steer you through the process to protect your interests and help you get what you deserve. 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.
GCY's bankruptcy lawyers have over four decades of experience with bankruptcy and insolvency matters.
Contact a GCY Attorney Canada today for background on how we can help you with this delicate legal issues like lawsuit settlements, estate litigation, etc.