Bankruptcy and Insolvency Act
This federal legislation outlines how different financial options work legally, and defines the roles that the Superintendent of Bankruptcy, the representatives of the Superintendent of Bankruptcy (official receivers), the court, trustees, creditors, and consumers have.
Bankruptcy is a system that allows an insolvent debtor to be relieved of most debts by filing an assignment in bankruptcy.The Bankruptcy Court makes judicial
Filing For Bankruptcy in Nova Scotia
If you decide to file for bankruptcy, the trustee administers all aspects of your bankruptcy. You will meet with the trustee to sign legal documents (an Assignment in Bankruptcy) which they will file with the Office of the Superintendent of Bankruptcy.
Most matters that go to court are heard by the Registrar in Bankruptcy, although some matters are referred to a Justice of the Supreme Court.
Nova Scotia
The Judicature Act is Nova Scotia's authority on bankruptcy and insolvency in the province. The government also offers an Orderly Payment of Debts Program for anyone considering bankruptcy or a consumer proposal.
The Bankruptcy Court makes judicial determinations as required by the Bankruptcy and Insolvency Act in the administration of bankrupt estates. Most matters
Can I keep my belongings if I go bankrupt in Nova Scotia?
That is why you are able to keep your belongings listed on the exemptions in Nova Scotia
Most bankrupts are able to keep all of their personal assets because most bankrupts have few or even no assets
If you have significant assets your trustee will work with you to find an alternative to going bankrupt if at all possible
Determining If Bankruptcy Is Right For You
A. Analyzing your financial situation B. Seeking professional advice (credit counsellors, financial advisors, LITs) C. Weighing the pros and cons of bankruptcy
How many Nova Scotians file for bankruptcy in 2023?
Based on these bankruptcy statistics, you are not alone
In January 2023, 305 Nova Scotians found themselves turning to bankruptcy to regain control of their finances
In this article, we will guide you through the process of filing for bankruptcy in Nova Scotia
The Bankruptcy Process in Nova Scotia
Consult with a Licensed Insolvency Trustee (LIT): An LIT is a professional who can help you navigate the bankruptcy process, assess your financial situation, and provide guidance on your options.
Understanding Bankruptcy
A. Definition of bankruptcy Bankruptcy is a legal process designed to provide relief to individuals who are unable to pay their debts. It is governed by the Bankruptcy and Insolvency Act in Canada. When an individual declares bankruptcy, their non-exempt assets are liquidated, and the proceeds are distributed to their creditors. In exchange, most o.
What happens if you go bankrupt in Canada?
When you go bankrupt, the creditor must stop contacting you about payments and take legal action to collect debts
This is called a stay of proceedings”
Watch 'What to expect if you file for bankruptcy' from the Office of the Superintendent of Bankruptcy Canada
How long will my bankruptcy last?
What happens if you go to a trustee in Nova Scotia?
Although most people who go to a Trustee already have a lower-than-average credit score, a bankruptcy or a consumer proposal will mean a further decrease
If you have only filed one bankruptcy, the bankruptcy will stay on your credit report for 6 years in Nova Scotia
