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Personal Bankruptcy & Insolvency Solutions in Ottawa

Filing for Bankruptcy is a Last Resort. We Can Help.

Personal bankruptcy is a legal process that provides financial relief to those who are unable to pay their credit card balances, payday loans, lines of credit and other unsecured debts. If you are insolvent and ineligible to file a consumer proposal or consolidate your debts, the team at D. & A. MacLeod Company Ltd. can help. Contact us today to schedule a free consultation with one of our licensed insolvency trustees in Ottawa or at one of our locations across Eastern Ontario.

How Does Filing for Bankruptcy Work?

If you decide to file for personal bankruptcy, you will need to surrender certain assets to a licensed insolvency trustee. The assets will be distributed to your creditors in accordance with the Bankruptcy and Insolvency Act (BIA). In exchange, you’ll be freed from the burden of most, if not all, of your unsecured debts.


For the duration of your bankruptcy, you’ll be required to report your income to your licensed insolvency trustee. While you’re allowed to keep a portion of your income, any amount over the set limit (referred to as surplus income) must be paid to your creditors.


Furthermore, you’ll need to attend two financial counselling sessions to be eligible for discharge from your debts. At D & A MacLeod Company Ltd, our advisers will teach you how to rebuild your credit and put you in the best position to enjoy long-term financial stability.

How Can D. & A. MacLeod Help?

Since licensed insolvency trustees are the only professionals in Canada who are authorized to administer a personal bankruptcy, our friendly team has become a trusted source for effective insolvency solutions in Ottawa and surrounding communities in Eastern Ontario. We have more than 65 years of experience helping hard-working people like you get the fresh start they deserve.


From helping you make the decision to declare bankruptcy to preparing the final statement of receipts and disbursements, our trustees will be with you every step of the way. In addition to filling the necessary paperwork on your behalf, you can count on our licensed insolvency trustees to ensure your rights are respected throughout the bankruptcy process.

Benefits of Filing for Personal Bankruptcy

There are several advantages to filing for bankruptcy, including:

  • Legal action from creditors will immediately halt

  • Calls from collectors/creditors will stop

  • Your wages will not be garnished any longer

  • Certain assets are protected (e.g., your home, RSPs); and

  • You can resolve your debt problems and have a fresh start without the stress of your existing financial situation.

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How Long Does Bankruptcy Last?

If this is your first bankruptcy, you’ll likely be discharged from your debts after nine months. If you’re required to make surplus income payments, however, the process will be extended to 21 months. In either case, information about your bankruptcy will remain on your credit report for six years, following the date of your discharge from bankruptcy.

Multiple Bankruptcies

If you file for a second bankruptcy, the minimum duration is 24 months. In some cases, it can take upward of 36 months to be discharged from your debts. Additionally, a second bankruptcy will remain on your credit report for 14 years, following the date of your discharge from bankruptcy.

Discuss Your Options with a Trusted Licensed Insolvency Trustee in Ottawa Today

The reliable team at D. & A. MacLeod Company Ltd. can help you determine if personal bankruptcy is the right debt relief option for you. Our licensed insolvency trustees have the knowledge and experience to assess your financial situation and provide effective solutions to eliminate your debt. Let us help you on the road to a new beginning™. Contact us today to schedule a free consultation. You’ll find us in Brockville, Cornwall, Kanata, Kingston, Ottawa, Pembroke and Smiths Falls.

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