When is filing for bankruptcy not a viable option?

There are many circumstances where filing for bankruptcy may not be a viable option.

  1. If you have the ability to file a viable proposal but elect to file for bankruptcy instead, your Trustee, creditors, or the Superintendent of Bankruptcy may oppose your discharge from Bankruptcy and request the Court to impose conditions on your discharge.
  2. If you have filed numerous bankruptcies previously, it becomes more difficult to get out of a 3rd or subsequent bankruptcy.
  3. Certain careers or professional designations preclude their members from filing for bankruptcy, otherwise, their membership can be withdrawn. i.e. RCMP, Police Officers, life insurance agents, investment advisors, those in charge of Trust funds, Chartered Accountants, etc.
  4. If your bankruptcy would recover enough to pay your debts in full, then a Proposal should be considered instead.