Can I Declare Bankruptcy If I Live Outside of The Country?
Although many Canadians work abroad, they still maintain a permanent residence in the country.
Generally speaking, under the Bankruptcy & Insolvency Act, if you reside outside of the country you can still declare bankruptcy as long as you meet the following criteria:
Outstanding debts must be more than $1,000
You have carried on business in Canada during the past 12 months
You have resided in Canada during the past 12 months
If you do not meet criteria 2 & 3, you can still declare bankruptcy if the greater portion of your property is situated in Canada
If you meet these criteria and want to discuss filing for personal bankruptcy or a consumer proposal, you can contact a Licensed Insolvency Trustee to review your options and discuss what is involved in the process.
Powell Associates Ltd. is a Licensed Insolvency Trustee (LIT) focused on providing debt settlement, proposal and bankruptcy solutions for individuals and businesses. We offer free consultations to review your personal financial situation and practical debt resolution options. Contact us to discuss your situation over the phone or book an appointment to meet us face-to-face in Saint John, Moncton, Fredericton, Charlottetown or Dartmouth - it's your choice.