{"id":58171,"date":"2026-04-06T15:57:50","date_gmt":"2026-04-06T19:57:50","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/personal-bankruptcy\/understanding-the-bankruptcy-process\/"},"modified":"2026-04-06T15:57:51","modified_gmt":"2026-04-06T19:57:51","slug":"understanding-the-bankruptcy-process","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/personal-bankruptcy\/understanding-the-bankruptcy-process\/","title":{"rendered":"How Personal Bankruptcy Works in Canada: A Step-by-Step Guide"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\"><p>Personal bankruptcy in Canada is filed through a Licensed Insolvency Trustee (LIT)<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p>The process includes filing documents, review of assets, counselling and discharge<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p>First bankruptcies typically last nine months<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p>Alternatives, like consumer proposals, may be available<\/p><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>It\u2019s not an easy decision to make, but sometimes, when you\u2019re spending more money than you\u2019re bringing in, declaring personal bankruptcy is the best option you\u2019ve got.<\/p>\n\n\n\n<p>Bankruptcy is the legal process that allows those who can\u2019t pay their debts to eliminate most of their unsecured debts under the supervision of a licensed insolvency trustee (LIT). If you find yourself in financial difficulty \u2014 unable to pay bills and relying on credit just to stay afloat \u2014 it\u2019s time to learn about the bankruptcy process. While it can impact your financial future for 6-7 years, the bankruptcy process can also give you a fresh financial start.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-knowing-when-and-if-to-file-for-bankruptcy\">Knowing when and if to file for bankruptcy<\/h2>\n\n\n\n<p>Filing for bankruptcy can be a daunting decision, you may need to consider it if you\u201d<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Having overwhelming unsecured debt, such as credit card and loan debts that are so high that you can\u2019t realistically repay them<\/li>\n    <li class=\"wp-block-rbc-list-item\">Are receiving collection calls or notices from creditors<\/li>\n    <li class=\"wp-block-rbc-list-item\">Can\u2019t make your minimum payments<\/li>\n    <li class=\"wp-block-rbc-list-item\">Are using credit to pay for necessities like groceries<\/li>\n    <li class=\"wp-block-rbc-list-item\">Have lost income due to job loss or medical issues<\/li>\n    <li class=\"wp-block-rbc-list-item\">Have no realistic plan to repay your debts within a realistic timeframe<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Scheduling a free consultation with a Licensed Insolvency Trustee can help you assess whether bankruptcy is your best option or if alternatives such as consumer proposals make more sense for your situation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-benefits-of-the-bankruptcy-process-in-canada\">The benefits of the bankruptcy process in Canada<\/h2>\n\n\n\n<p>Declaring bankruptcy can keep creditors and even lawsuits at bay. It can even put a stop to ongoing collections like wage garnishments, enabling you to alleviate some of the stress involved with handling significant debt.<\/p>\n\n\n\n<p>The debts that can be discharged through personal bankruptcy in Canada include most unsecured debts, such as:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Credit card debt<\/li>\n    <li class=\"wp-block-rbc-list-item\">Personal loan debt<\/li>\n    <li class=\"wp-block-rbc-list-item\">Payday loans<\/li>\n    <li class=\"wp-block-rbc-list-item\">Most CRA tax debts<\/li>\n    <li class=\"wp-block-rbc-list-item\">Medical bills<\/li>\n    <li class=\"wp-block-rbc-list-item\">Utility bills<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block inner-section-ocean section-inner  has-e-4-eeff-background-color has-background\" style=\"border-radius:0x\">\n<p><strong>Take note!<br><\/strong>Declaring bankruptcy is a serious step which shouldn\u2019t be taken lightly. It will usually appear on your credit report for anywhere from 6 to 7 years following the date your bankruptcy is discharged and can negatively impact your credit score. Luckily, products like small loans or secured credit cards may be able to help you&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/personal-bankruptcy\/bouncing-back-rebuilding-credit-after-bankruptcy\/\" data-dig-id=\"LP-58171-29aa76fc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"start rebuilding your credit rating\" class=\"rbc-link-format\">start rebuilding your credit rating<\/a>&nbsp;while in bankruptcy.<\/p>\n<\/div>\n<\/section>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-file-for-bankruptcy-step-by-step-process\">How to file for bankruptcy: Step-by-step process<\/h2>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/personal-bankruptcy\/personal-bankruptcy-in-canada-your-top-10-questions-answered\/\" data-dig-id=\"LP-58171-a74e0000\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"bankruptcy process in Canada\" class=\"rbc-link-format\">bankruptcy process in Canada<\/a>&nbsp;typically involves five steps.&nbsp;We\u2019ve broken it down for you, answering questions like how to file for bankruptcy and how much it costs in Canada.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-1-meet-with-a-licensed-insolvency-trustee-lit\">Step 1: Meet with a Licensed Insolvency Trustee (LIT)<\/h3>\n\n\n\n<p>The bankruptcy process starts with hiring a LIT,&nbsp;a government-regulated trustee authorized to help you with the insolvency process. They will assess your current financial situation and present you with available options, including bankruptcy and consumer proposals.<\/p>\n\n\n\n<p>To do this successfully, you\u2019ll need to provide:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Income statements (paystubs, T4s)<\/li>\n    <li class=\"wp-block-rbc-list-item\">Bank and credit card statements<\/li>\n    <li class=\"wp-block-rbc-list-item\">Loan agreements and payment records<\/li>\n    <li class=\"wp-block-rbc-list-item\">List of assets you own<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>You can access a searchable list of&nbsp;<a href=\"https:\/\/www.ic.gc.ca\/app\/scr\/tds\/web\/?lang=eng\" data-dig-id=\"LP-58171-92662d42\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canada\u2019s authorized LITs\" class=\"rbc-link-format\">Canada\u2019s authorized LITs<\/a>&nbsp;on&nbsp;<a href=\"https:\/\/ised-isde.canada.ca\/site\/office-superintendent-bankruptcy\/en\" data-dig-id=\"LP-58171-0d8ed6ad\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"The Office of the Superintendent of Bankruptcy (OSB)\" class=\"rbc-link-format\">The Office of the Superintendent of Bankruptcy (OSB)<\/a>&nbsp;website.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-2-filing-of-bankruptcy-documents\">Step 2: Filing of bankruptcy documents<\/h3>\n\n\n\n<p>Following an assessment of your financial situation, if your debts are below $250,000, your trustee could suggest either filing for bankruptcy or a consumer proposal. They\u2019ll then submit the necessary documents to begin the process.<\/p>\n\n\n\n<p>Consumer proposals are agreements made with your creditors to pay either a percentage of what you owe, extend how much time you must pay, or both.&nbsp;With a consumer proposal, you keep all your assets while paying back 50-80% of your debt over up to 5 years.<\/p>\n\n\n\n<p>If a consumer proposal can\u2019t be applied, your LIT will assist you in completing and filing the required OSB forms. Once the OSB receives your forms and accepts the filing, you\u2019ll officially be declared bankrupt and the stay of proceedings begins immediately.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-3-asset-review-and-exemptions-exempt-vs-non-exempt-property-pensions-etc\">Step 3: Asset review and exemptions (exempt vs non-exempt property, pensions, etc.)<\/h3>\n\n\n\n<p>Once you\u2019ve been declared bankrupt, your LIT may take possession of certain non-exempt assets (as permitted by your province or territory). These assets will then be sold off and the money distributed to your creditors.<\/p>\n\n\n\n<p>Make sure to report any employment changes, payments you might make or receive, or any sudden life changes to your LIT immediately.<\/p>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/bankruptcy-canada.com\/bankruptcy\/bankruptcy-exemptions-what-you-keep\/\" data-dig-id=\"LP-58171-e07e559c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"items that won\u2019t be seized\" class=\"rbc-link-format\">items that won\u2019t be seized<\/a>&nbsp;during personal bankruptcy include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">A primary vehicle (up to a certain value)<\/li>\n    <li class=\"wp-block-rbc-list-item\">Household furniture or equipment<\/li>\n    <li class=\"wp-block-rbc-list-item\">Tools for trade work<\/li>\n    <li class=\"wp-block-rbc-list-item\">Personal items and necessary clothing<\/li>\n    <li class=\"wp-block-rbc-list-item\">Most RRSPs (except contributions from the last 12 months)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-4-complete-credit-counselling-sessions\">Step 4: Complete Credit counselling sessions<\/h3>\n\n\n\n<p>Next, you\u2019ll be obligated to attend two (2) credit counselling sessions.These sessions are designed to help get you back and stay on sound financial ground. They will help you attain a more practical understanding of budgeting and financial planning.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-5-receive-your-bankruptcy-discharge\">Step 5: Receive your bankruptcy discharge<\/h3>\n\n\n\n<p>The last step in the process is your discharge from bankruptcy, which means that you\u2019re no longer legally obligated to repay most of your debts. However, some debts, such as child support, spousal\/alimony payments, student loans (unless older than 7 years) fines and court-ordered payments, are exempt from loan forgiveness and must be maintained or paid back.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-debts-are-not-discharged-in-bankruptcy\">What debts are not discharged in bankruptcy<\/h2>\n\n\n\n<p>The following seven types of debt cannot be eliminated in bankruptcy:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Child support<\/li>\n    <li class=\"wp-block-rbc-list-item\">Spousal support (alimony)<\/li>\n    <li class=\"wp-block-rbc-list-item\">Student loans (unless older than 7 years)<\/li>\n    <li class=\"wp-block-rbc-list-item\">Court ordered fines and penalties, including traffic and parking tickets<\/li>\n    <li class=\"wp-block-rbc-list-item\">Debt due to fraud or misrepresentation<\/li>\n    <li class=\"wp-block-rbc-list-item\">Significant tax debts exceeding $200,000 thresholds<\/li>\n    <li class=\"wp-block-rbc-list-item\">Gambling debts (although there may be some exceptions)<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>All other unsecured debts (credit cards, personal loans, medical bills, utility bills) are typically discharged.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-long-does-bankruptcy-last-in-canada\">How long does bankruptcy last in Canada?<\/h2>\n\n\n\n<p>Bankrutpcy typically lasts 9 months for first-time filers without surplus income, or 21 months if you earn above the&nbsp;<a><\/a>government thresholds.<\/p>\n\n\n\n<p>In the case of second bankruptcies, the process could be much longer and typically last anywhere from a minimum of 24 months to as long as 36 months.<\/p>\n\n\n\n<p>On top of that, while your first bankruptcy stays on your credit report for 6 to 7 years after discharge, depending on your province, it will continue to list your second bankruptcy for 14 years from the date of discharge for your second bankruptcy \u2014 quite possibly impacting your ability to borrow money for the foreseeable future.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-alternatives-to-nbsp-bankruptcy\">Alternatives to&nbsp;bankruptcy<\/h2>\n\n\n\n<p>While bankruptcy can provide debt relief, it should be considered a last resort after exploring other debt solutions such as consumer proposals, debt consolidation or informal debt settlements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-consumer-proposal\">Consumer proposal<\/h3>\n\n\n\n<p>In contrast to the bankruptcy process,&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/consumer-proposals\/a-consumer-proposal-or-bankruptcy\/\" data-dig-id=\"LP-58171-407b831b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"consumer proposals\" class=\"rbc-link-format\">consumer proposals<\/a>&nbsp;allow you to negotiate with your creditors to pay back an agreed-upon amount of your debt over a specific period and keep your assets. This option makes sense if you\u2019d prefer to keep your assets and be able to pay something towards your debt. Consumer proposals are legal agreements that enable you to pay off debts for less than what you owe. With a consumer proposal, you may be able to pay off up to $250,000 in unsecured debt.<\/p>\n\n\n\n<p>Key features of a consumer proposal include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">The ability to consolidate debt into one monthly payment<\/li>\n    <li class=\"wp-block-rbc-list-item\">Fixed payments tailored to your budget<\/li>\n    <li class=\"wp-block-rbc-list-item\">The ability to stop collections actions from creditors<\/li>\n    <li class=\"wp-block-rbc-list-item\">The ability to avoid filing for bankruptcy<\/li>\n    <li class=\"wp-block-rbc-list-item\">The right to keep your assets, including checking and savings accounts, investments and home equity<\/li>\n    <li class=\"wp-block-rbc-list-item\">Less severe credit score impact<\/li>\n    <li class=\"wp-block-rbc-list-item\">Removed from credit report 3 years after completion<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>It is worth noting that secured debts and certain kinds of student loans are not eligible for consumer proposals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-debt-consolidation\">Debt consolidation<\/h3>\n\n\n\n<p>Also referred to as informal debt settlements, debt consolidation is a negotiation-based approach that combines debts into a single loan or payment to simplify repayment and reduce interest costs.<br><br>Key features of debt consolidation include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Simplified payments (one payment instead of many)<\/li>\n    <li class=\"wp-block-rbc-list-item\">Potentially lower interest rates<\/li>\n    <li class=\"wp-block-rbc-list-item\">Improved credit score by virtue of being able to make timely payments on a consolidated loan<\/li>\n    <li class=\"wp-block-rbc-list-item\">Peace of mind knowing that you\u2019re dealing with fewer creditors and payment dates<\/li>\n    <li class=\"wp-block-rbc-list-item\">No legal proceedings required<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>This option is best for those with a steady income who can afford to repay 100% of their debt but require better payment terms.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-credit-counselling\">Credit counselling<\/h3>\n\n\n\n<p>Credit counselling involves collaborating with trained professionals who provide guidance on managing personal finances, budgeting and debt repayment. The main purpose is to help you understand your financial situation and create a realistic plan to pay off debts while avoiding bankruptcy.<\/p>\n\n\n\n<p>Key features of credit counselling include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Detailed financial assessment<\/li>\n    <li class=\"wp-block-rbc-list-item\">Customized debt management plans<\/li>\n    <li class=\"wp-block-rbc-list-item\">Budget planning assistance<\/li>\n    <li class=\"wp-block-rbc-list-item\">Educational resources<\/li>\n    <li class=\"wp-block-rbc-list-item\">Negotiation with creditors for reduced interest rates.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>This option is best for those who can afford to repay their full debt amount but need help organizing their finances and negotiating better terms.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faq\">FAQ<\/h2>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titled784d14b\" class=\"collapse-toggle collapsed\" data-target=\"#accordiond784d14b\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-58171-d784d14b\" aria-controls=\"accordiond784d14b\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How much does bankruptcy cost in Canada?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How much does bankruptcy cost in Canada?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiond784d14b\" role=\"region\" aria-labelledby=\"accordion-titled784d14b\"><div class=\"collapse-inner\">\n<p>The cost of filing for bankruptcy in Canada varies but based on 2026 data, low-income filers should expect to pay anywhere from $1,800 to $2,500, paid out in 9 equal monthly installments.&nbsp;A second bankruptcy can cost more than $4,800, paid over 24 to 36 months.&nbsp;The fee covers all LIT costs, OSB filing,&nbsp;credit counselling, and administration of your bankruptcy estate. There are no upfront fees\u2014everything is paid from your monthly payments or bankruptcy estate.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title5694a4ab\" class=\"collapse-toggle collapsed\" data-target=\"#accordion5694a4ab\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-58171-5694a4ab\" aria-controls=\"accordion5694a4ab\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can I keep my house if I file for bankruptcy?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can I keep my house if I file for bankruptcy?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion5694a4ab\" role=\"region\" aria-labelledby=\"accordion-title5694a4ab\"><div class=\"collapse-inner\">\n<p>Yes, you may be able to keep your house in bankruptcy based on your home equity and your province or territory\u2019s&nbsp;<a href=\"https:\/\/www.bankruptcy-canada.ca\/bankruptcy-exemptions-canada\" data-dig-id=\"LP-58171-cfac9a58\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"exemption limit\" class=\"rbc-link-format\">exemption limit<\/a>. If your equity exceeds that limit you may need to pay the difference or sell the property.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title64a97ef3\" class=\"collapse-toggle collapsed\" data-target=\"#accordion64a97ef3\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-58171-64a97ef3\" aria-controls=\"accordion64a97ef3\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can CRA tax debt be included in a bankruptcy?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can CRA tax debt be included in a bankruptcy?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion64a97ef3\" role=\"region\" aria-labelledby=\"accordion-title64a97ef3\"><div class=\"collapse-inner\">\n<p>Yes, most CRA tax debt can be discharged in bankruptcy, including income tax arrears, GST\/HST debts and penalties or interest on tax debts. However, fraudulent tax debt, bills exceeding $200,000 and post-bankruptcy taxes are excluded.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlee7871264\" class=\"collapse-toggle collapsed\" data-target=\"#accordione7871264\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-58171-e7871264\" aria-controls=\"accordione7871264\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can I get a mortgage after bankruptcy?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can I get a mortgage after bankruptcy?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordione7871264\" role=\"region\" aria-labelledby=\"accordion-titlee7871264\"><div class=\"collapse-inner\">\n<p>Yes, you may still be able to qualify for a mortgage after bankruptcy. However, you\u2019ll have to follow specific rules and guidelines, such as the following:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Wait a minimum of two years following your discharge<\/li>\n    <li class=\"wp-block-rbc-list-item\">Have a CMHC-insured mortgage<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Be prepared to pay higher mortgage rates<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Learn how to file for personal bankruptcy in Canada, the step-by-step process, how long it takes, costs and the alternatives such as consumer 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