In order to file for bankruptcy you must engage a licensed insolvency trustee, an individual licensed by Industry Canada to administer the bankruptcy process. There is also no such thing as “wiping out your debt”. Bankruptcy only wipes out unsecured debts which include credit card debt, personal loans and overdrafts. It does not cover things like mortgages, car loans, alimony or child support. Debt Settlement companies offer to negotiate with your lenders to either reduce the amount owing and arrange a repayment schedule or arrange a longer period of time for you to pay off the entire debt; not “wipe out your debt”. Be aware that these companies are not licensed trustees and therefore are not subject to the oversight of the regulator, through the Superintendent of Bankruptcy (OSB). Always deal with a professional, federally licensed trustee with respect to any issues related to debt.
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