Debt Relief Experts
When filing for personal bankruptcy in Canada, several forms are needed to document your financial situation and start the legal debt relief process. While this might initially seem overwhelming, your Licensed Insolvency Trustee handles most of the paperwork and guides you through each step.
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Required Forms for Filing Bankruptcy in Canada
In Canada, bankruptcy is governed by federal law under the Bankruptcy and Insolvency Act (BIA). The process requires specific forms mandated by the Office of the Superintendent of Bankruptcy (OSB). These forms document your financial situation and provide the paperwork needed to file bankruptcy with the government.
For your convenience, bankruptcy forms can be signed in person at our office or digitally using secure electronic signature services like DocuSign.
Here are the primary bankruptcy forms you need to be aware of. These same forms apply whether you are filing a bankruptcy or consumer proposal:
Assessment Certificate
The first step in filing insolvency is a debt assessment. A Licensed Insolvency Trustee must conduct this assessment, which can be held in person or via video conference. LITs in Canada perform this assessment for free.
The Assessment Certificate confirms that your Licensed Insolvency Trustee has reviewed your financial situation and explained your debt relief options. Based on the merits and consequences of each option available, you will confirm that you have chosen to file a consumer proposal (or a Division 1 proposal) or an assignment in bankruptcy.
The Office of the Superintendent of Bankruptcy (OSB) is concerned about non-licensed debt consultants providing and charging for insolvency advice. The assessment certificate now requires you to confirm that any fees you may have paid in the last six months for advice regarding your financial situation other than the assessment referred to in this certificate were optional and not required to file a proposal or assignment in bankruptcy. If you have paid such fees, they are reported on the Statement of Affairs. Furthermore, you must confirm that you understand that you are not required to make additional payments to outside debt consultants for financial advice you have already received.
Form 1: Assignment for the General Benefit of Creditors
This form officially declares your intention to file for bankruptcy.
Form 65 – Monthly Income and Expense Statement
Form 65 is essentially a detailed budget that tracks your monthly finances. This document shows the monthly income (from employment and all other sources) for you and other members of your family unit, and it shows the monthly expenses of your household. Form 65 allows you to provide a detailed description of each expense.
There is a mathematical calculation showing the monthly surplus (or deficit) of your family unit. This information helps your trustee determine if you must make surplus income payments in a bankruptcy. If you file a consumer proposal, the income and expense statement helps creditors access your cash flow to determine whether your offer is reasonable.
Form 79 – Statement of Affairs
The Statement of Affairs provides a comprehensive list of your assets and liabilities (your personal balance sheet) and other personal information.
Each asset is listed with an estimated dollar value and an estimated realizable value. The estimated dollar value is what your asset might be worth, and the estimated realizable value is what would be available to creditors in a bankruptcy. For example, your clothing may have a “garage sale” value of $1,000, which would appear as the estimated dollar value, but since the trustee won’t take your clothing, the estimated net realizable value would be shown as zero. So even though exempt assets and secured assets are listed, that does not mean these assets are part of your bankruptcy.
In the Liabilities section, each debt is listed with the following:
- Name of the creditor
- The creditor’s address
- The account number
- The amount of the debt that is unsecured, secured or preferred (if secured, the asset securing the liability is referenced)
- The liability type (such as “credit card” or “bank loan”)
In addition to your assets and liabilities, your Statement of Affairs also contains your personal information, including your name, date of birth, address, marital status, employment status and occupation, family size and dependants.
The Statement of Affairs also has a section describing if you have received professional advice regarding your financial situation in the last six months other than from your Licensed Insolvency Trustee. If you have, you must list:
- The name of any and all providers of advice
- The name of the firm or organization they work for
- The firm’s address
- The total amount you have paid them
- The total amount remaining to be paid
You must also list any businesses you operated within the last five years and provide relevant information about the business.
The statement of affairs requires disclosure to allow a trustee to determine if there are potential reviewable transactions or bankruptcy fraud. You must state:
- Whether or not you were previously bankrupt or filed a proposal (and if so, the details)
- If you made payments in excess of regular payments to creditors or had any assets seized by creditors within the last 12 months
- If you have sold, disposed of or transferred assets, or made any gifts in excess of $1,000 within the last 5 years
- Whether or not you expect to receive money or property outside your normal income within the next twelve months (such as an inheritance).
You then describe the reasons for your financial difficulties. This section is important because it explains your situation to your creditors and helps them decide if further investigations are required.
Finally, you are required to swear an oath that the Statement of Affairs is, to the best of your knowledge, a full, true and complete statement of your affairs, and if fully discloses all property and transactions of every description that is or was in your possession or that may devolve on you in accordance with the Bankruptcy and Insolvency Act.
Certificate of Appointment
After you’ve signed all the required bankruptcy forms, your trustee will e-file them with the Office of the Superintendent of Bankruptcy. The Certificate of Appointment is typically transmitted back to your trustee’s office within seconds. This document confirms that your bankruptcy has been accepted by the government and is now official.
The Certificate of Appointment includes your Estate Number, which you’ll need to prove your bankruptcy status to creditors. Once this certificate is issued, a stay of proceedings begins, and your creditors cannot take legal action against you, such as filing liens or garnishing your wages.
How to Get and Complete Bankruptcy Forms
While bankruptcy forms are available online on the OSB’s official website, it’s important to understand that you cannot file these bankruptcy documents yourself. Canadian law requires all bankruptcies to be filed through a Licensed Insolvency Trustee – there is no do-it-yourself option for bankruptcy in Canada. It is also important to know you are working with an LIT as these forms change regularly, and your LIT always has access to the most recent government forms.
Your LIT provides all necessary forms and guides you through completing them. This professional support helps prevent errors that could delay your filing.
At Hoyes Michalos, we’ve simplified this process. You can begin by filling out our online questionnaire and application, which collects most of the necessary information. We then use this information to prepare all required bankruptcy forms on your behalf. During your meeting with your trustee, they’ll review each document with you to ensure everything is accurate before filing.
Supporting Documents You Need
To complete your bankruptcy forms accurately, your trustee may ask for several supporting documents:
- Birth certificate, passport or other government document to confirm the spelling of your legal name
- Tax returns and notices of assessment
- Recent pay stubs
- Bank statements from the past few months
- Credit card statements
- Property valuations (if applicable)
- Credit reports from Equifax or TransUnion
Your credit reports are very important as they help ensure you haven’t overlooked any debts when completing your forms. Your trustee can help you request these reports directly from Equifax and TransUnion for free and help you review them carefully to identify all your creditors and outstanding debts.
After Your Forms Are Submitted
Once your forms are filed with the OSB and your Certificate of Appointment is received, your bankruptcy becomes official. If you file bankruptcy, you must complete and submit monthly Form 65 reports to track your income and expenses. Your trustee will explain how to complete these ongoing reports. This is not required in a consumer proposal.
Discharge Certificate
Your Discharge Certificate is the official document you receive at the end of your bankruptcy confirming you’re released from your eligible debts. This certificate proves you’ve completed your bankruptcy and are no longer legally responsible for debts included in your filing.
Bankruptcy forms are a critical part of the process for Canadians seeking debt relief. At Hoyes Michalos will help you understand which forms you need and how to complete them accurately. Our goal is to make the process as smooth and stress-free as possible.
