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 theBankruptcy & 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 forbankruptcyor aconsumer proposal, you can contact alicensed trustee in bankruptcy to review your options and discuss what is involved in the process.
For a free consultation over the phone or in person inSaint John, Moncton, FrederictonorCharlottetown, please contact us. Powell Associates Ltd. is a licensed insolvency trustee focused on providing debt settlement, proposal and bankruptcy solutions for individuals and businesses.