{"id":57256,"date":"2023-07-31T16:32:55","date_gmt":"2023-07-31T16:32:55","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/"},"modified":"2026-02-02T14:38:46","modified_gmt":"2026-02-02T19:38:46","slug":"bankruptcy","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/","title":{"rendered":"Bankruptcy"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel pad-t-0 pad-b-0\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-b-0 pad-t-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-ce2ebfd8 wp-block-group-is-layout-constrained\">\n<p class=\"h3 mar-b-0 mar-t-0\">Bankruptcy is\u00a0a last resort but one that could help you clear your debts. Learn how the process works and whether it is the right step\u00a0for you.<\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel pad-t-0 pad-b-0\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 pad-b-0\" style=\"border-radius:0x\">\t\n\t<div class=\"wp-block-tk-spacer id-a2d7c9f8-cdf0-4f46-875a-de8420b65295\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<h2 class=\"wp-block-heading mar-t-0\" id=\"h-personal-bankruptcy\">Personal Bankruptcy<\/h2>\n\n\n\n<div class=\"wp-block-rbc-my-money-matters-category-list\">\n\t\t\t<ul>\n\t\t\t<li><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/personal-bankruptcy\/\">More from Personal Bankruptcy<\/a><\/li>\n\t\t<\/ul>\n\t<\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-22bb02ee-03a7-4ad0-8362-c9d6169ed159\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-columns  mar-b-0 is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column mar-r mob-mar-r-0 mar-b-0 is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:70%\">\t\t<div class=\"most-recent-by-taxonomy-jscroll jscroll-wrapper\">\n\t\t\t\t\t\t<div class=\"wp-block-rbc-most-recent-by-taxonomy most-recent-by-taxonomy-is-template-type-2 most-recent-by-taxonomy-standard\">\n\t\t\t\t\t<article id=\"post-58171\" class=\"rbcroyalbank-single-post-card single-post-card-vertical-type-2 post-58171 rbc_my_money_matter type-rbc_my_money_matter status-publish has-post-thumbnail hentry tag-credit-and-debt rbc_content_type-article rbc_audience-business-owners rbc_lob_group-business rbc_difficulty_level-beginner rbc_mmm_category-bankruptcy rbc_mmm_category-debt-stress-relief rbc_mmm_category-personal-bankruptcy\">\n\t<div class=\"col-wpr display-flex mar-b-0\">\n\t\t\t\t<div class=\"col-md-12 col-xs-5 mob-mar-b-0\">\n\t\t\t<div \n\t\t\t\trole=\"img\" \n\t\t\t\taria-label=\"Two male hands shaking over paperwork and a gavel on a desk\"\n\t\t\t\tclass=\"post-card-image\"\n\t\t\t>\n\t\t\t\t\t\t<img\n\t\t\tdecoding=\"async\"\n\t\t\tloading=\"lazy\"\n\t\t\twidth=\"930\"\n\t\t\theight=\"620\"\n\t\t\tsrc=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-20T150458.605.jpg?quality=80&#038;w=960\"\n\t\t\talt=\"Two male hands shaking over paperwork and a gavel on a desk\"\n\t\t\tclass=\"wp-post-image\"\n\t\t\t\t\t\/>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"col-md-12 col-xs-7 mob-mar-t-0\">\n\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/personal-bankruptcy\/\">\n\t\t\t\t\t\tPersonal Bankruptcy\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/personal-bankruptcy\/understanding-the-bankruptcy-process\/\" class=\"h4 loop-post-title mar-t-0\">How Personal Bankruptcy Works in Canada: A Step-by-Step Guide<\/a>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/article>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t<!-- Different markup between back-end server side render and front-end -->\n\t\t\t\t\t<\/div>\n\t\t\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-c7e8ac6b-175d-4a9a-83cd-3c75f553c750\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-rbc-rbc-block pos-rel top-line-blue block-wpr pad-t-0 pad-b-0 pad-l-0 pad-r-0\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner pad-l-0 pad-r-0 pad-b-0 pad-t-0\">\t\n\t<div class=\"wp-block-tk-spacer id-51b3121a-0a42-4812-a621-959a6ff455d6\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"mar-b-0 has-medium-grey-color has-text-color\" style=\"font-weight:400\">Did You Know?<\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-a9505cf4-a8fd-4642-9382-1c1fc79d87ee\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"h4 mar-t-0 mar-b-0\">Bankruptcy provides relief from most of your unsecured debts.<\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-a58d1f87-9d61-419b-975f-6d8534011ce8\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel pad-t-0 pad-b-0\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 pad-b-0\" style=\"border-radius:0x\">\t\n\t<div class=\"wp-block-tk-spacer id-0228ce9a-6f60-456a-b399-6484c61cf580\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<h2 class=\"wp-block-heading mar-t-0\" id=\"h-business-bankruptcy\">Business Bankruptcy<\/h2>\n\n\n\n<div class=\"wp-block-rbc-my-money-matters-category-list\">\n\t\t\t<ul>\n\t\t\t<li><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/\">More from Business Bankruptcy<\/a><\/li>\n\t\t<\/ul>\n\t<\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-3be60805-cde1-43c6-bc6e-05775a382755\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-columns  mar-b-0 is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column mar-r mob-mar-r-0 mar-b-0 is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:70%\">\t\t<div class=\"most-recent-by-taxonomy-jscroll jscroll-wrapper\">\n\t\t\t\t\t\t<div class=\"wp-block-rbc-most-recent-by-taxonomy most-recent-by-taxonomy-is-template-type-2 most-recent-by-taxonomy-standard\">\n\t\t\t\t\t<article id=\"post-93081\" class=\"rbcroyalbank-single-post-card single-post-card-vertical-type-2 post-93081 rbc_my_money_matter type-rbc_my_money_matter status-publish has-post-thumbnail hentry tag-budgeting tag-entrepreneur rbc_content_type-article rbc_audience-business-owners rbc_lob_group-business rbc_difficulty_level-intermediate rbc_mmm_category-bankruptcy rbc_mmm_category-business rbc_mmm_category-business-bankruptcy rbc_mmm_category-cash-flow-management-and-financials rbc_mmm_category-debt-stress-relief rbc_mmm_category-managing-your-business rbc_mmm_category-right-sized-business-advice rbc_mmm_category-small-business\">\n\t<div class=\"col-wpr display-flex mar-b-0\">\n\t\t\t\t<div class=\"col-md-12 col-xs-5 mob-mar-b-0\">\n\t\t\t<div \n\t\t\t\trole=\"img\" \n\t\t\t\taria-label=\"Woman and trainer lifting weights in a gym\"\n\t\t\t\tclass=\"post-card-image\"\n\t\t\t>\n\t\t\t\t\t\t<img\n\t\t\tdecoding=\"async\"\n\t\t\tloading=\"lazy\"\n\t\t\twidth=\"960\"\n\t\t\theight=\"640\"\n\t\t\tsrc=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/03\/iStock-1343159253_b7ad5a.jpg?quality=80&#038;w=960\"\n\t\t\talt=\"Woman and trainer lifting weights in a gym\"\n\t\t\tclass=\"wp-post-image\"\n\t\t\t\t\t\/>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"col-md-12 col-xs-7 mob-mar-t-0\">\n\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/\">\n\t\t\t\t\t\tCash Flow Management and Financials\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/business-insolvencies-avoid-pitfalls\/\" class=\"h4 loop-post-title mar-t-0\">Business Insolvencies Are on the Rise: Avoid These 6 Pitfalls to Reduce Your Risk and Improve Your Financial Resilience<\/a>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/article>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t<!-- Different markup between back-end server side render and front-end -->\n\t\t\t\t\t<\/div>\n\t\t\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-46ca6ec9-cbda-404a-8347-fc6c6d2ea656\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-rbc-rbc-block pos-rel top-line-blue block-wpr pad-t-0 pad-b-0 pad-l-0 pad-r-0\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner pad-l-0 pad-r-0 pad-b-0 pad-t-0\">\t\n\t<div class=\"wp-block-tk-spacer id-99fa92d5-20bc-47ad-9354-a3b4afc14e85\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"mar-b-0 has-medium-grey-color has-text-color\" style=\"font-weight:400\">Did You Know?<\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-85bb8bb8-d67f-4275-9142-598cb88338d9\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"h4 mar-t-0 mar-b-0\">Declaring bankruptcy will impact your credit rating, but not forever.<\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-7dfcbf02-567e-4f29-972d-80a0cf29103c\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel pad-t-0 pad-b-0\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 pad-b-0\" style=\"border-radius:0x\">\t\n\t<div class=\"wp-block-tk-spacer id-312ee337-56b6-461b-9cc9-b65dd547dbe1\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<h2 class=\"wp-block-heading mar-t-0\" id=\"h-consumer-proposals\">Consumer Proposals<\/h2>\n\n\n\n<div class=\"wp-block-rbc-my-money-matters-category-list\">\n\t\t\t<ul>\n\t\t\t<li><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/consumer-proposals\/\">More from Consumer Proposals<\/a><\/li>\n\t\t<\/ul>\n\t<\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-cd3a46d4-2223-488f-bf1c-057e6c1f4838\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-columns  mar-b-0 is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column mar-r mob-mar-r-0 mar-b-0 is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:70%\">\t\t<div class=\"most-recent-by-taxonomy-jscroll jscroll-wrapper\">\n\t\t\t\t\t\t<div class=\"wp-block-rbc-most-recent-by-taxonomy most-recent-by-taxonomy-is-template-type-2 most-recent-by-taxonomy-standard\">\n\t\t\t\t\t<article id=\"post-58164\" class=\"rbcroyalbank-single-post-card single-post-card-vertical-type-2 post-58164 rbc_my_money_matter type-rbc_my_money_matter status-publish has-post-thumbnail hentry tag-managing-money rbc_content_type-article rbc_audience-business-owners rbc_lob_group-business rbc_difficulty_level-beginner rbc_mmm_category-bankruptcy rbc_mmm_category-consumer-proposals rbc_mmm_category-debt-stress-relief\">\n\t<div class=\"col-wpr display-flex mar-b-0\">\n\t\t\t\t<div class=\"col-md-12 col-xs-5 mob-mar-b-0\">\n\t\t\t<div \n\t\t\t\trole=\"img\" \n\t\t\t\taria-label=\"Burning candle on table in darkness\"\n\t\t\t\tclass=\"post-card-image\"\n\t\t\t>\n\t\t\t\t\t\t<img\n\t\t\tdecoding=\"async\"\n\t\t\tloading=\"lazy\"\n\t\t\twidth=\"930\"\n\t\t\theight=\"620\"\n\t\t\tsrc=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-20T105927.651.jpg?quality=80&#038;w=960\"\n\t\t\talt=\"Burning candle on table in darkness\"\n\t\t\tclass=\"wp-post-image\"\n\t\t\t\t\t\/>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"col-md-12 col-xs-7 mob-mar-t-0\">\n\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/consumer-proposals\/\">\n\t\t\t\t\t\tConsumer Proposals\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/consumer-proposals\/an-alternative-to-bankruptcy-understanding-the-consumer-proposal-process-in-canada\/\" class=\"h4 loop-post-title mar-t-0\">An Alternative to Bankruptcy: Understanding the Consumer Proposal Process in Canada<\/a>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/article>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t<!-- Different markup between back-end server side render and front-end -->\n\t\t\t\t\t<\/div>\n\t\t\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-7a17ec6f-062b-483a-9bf0-8136a33367e6\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-rbc-rbc-block pos-rel top-line-blue block-wpr pad-t-0 pad-b-0 pad-l-0 pad-r-0\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner pad-l-0 pad-r-0 pad-b-0 pad-t-0\">\t\n\t<div class=\"wp-block-tk-spacer id-2712575c-8fb2-49f2-b53a-87ed80d36139\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"mar-b-0 has-medium-grey-color has-text-color\" style=\"font-weight:400\">Did You Know?<\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-4e017d52-937b-43c3-8bd1-b0b27fcf86c1\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"h4 mar-t-0 mar-b-0\">Filing for bankruptcy is not free, there is a cost to it.<\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-89df2d16-d98a-4cf3-9776-51dbdb3ac4d3\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-d682eaf2-67d5-4765-85ae-a0a55c523d3a\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-a2d7c9f8-cdf0-4f46-875a-de8420b65295 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-a2d7c9f8-cdf0-4f46-875a-de8420b65295 {\n\t\t\theight: 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