1. Decide That You Need Help

The first step in our series on how to file for bankruptcy in Canada is the most important step: You must decide that you need help.

Consider this: your debts were not accumulated yesterday. Your debts have gradually increased over time, probably over a period of many months, or even many years. When was the last time you were debt free? It was probably a long time ago. So why, after all of these years, are you considering filing bankruptcy?

You have probably reached a “breaking point”. Up until now you believed you could handle your debts, but now you realize you can’t. Your debts may be too high, or perhaps a life event like a job loss, marriage break up, or medical issue has caused your debts to get out of control.

If you have realized that you can’t deal with your debts on your own, deciding to get help is your first step.