You are eligible to file for bankruptcy in Ontario if you owe more than $1, 000, your debts outweigh your assets, you cannot make your monthly debt payments, you must be discharged from a previous bankruptcy, property owned must be insufficient in order to enable payment of debts, and you cannot afford a consumer proposal. These are the times in which you may need to consider filing for personal bankruptcy. The fitting candidates to file for bankruptcy are generally individuals who are in need of a quick fresh financial start.
Some of the most common reasons that individuals have for filing for bankruptcy include loss of income, personal business failure, excessive amounts of student loan debts to repay on your income, and debts from coping with an accident or illness in your family. Separation or divorce is also one of the leading causes of bankruptcy in Canada, because once the couple is separated, they are paying their own bills, in which their expenses increase but their income stays the same.
