Declaring bankruptcy

What are my rights?

If I declare bankruptcy, I will lose every single thing I own.
  • True
  • False

Bankruptcy is a legal process where you give up most of your assets to get rid of your debts. For some people, declaring bankruptcy feels like a major life setback; for others, the prospect of being debt-free for the first time in ages is a huge relief. Either way, going bankrupt is a long process with serious consequences. So for most it is an “option of last resort” for getting out of debt.

What you should know

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  • This information applies to British Columbia, Canada
  • Reviewed for legal accuracy in June 2018
  • Time to read: 13 minutes

Reviewed for legal accuracy by

Katherine Wellburn

Katherine Wellburn

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