A fresh start when debt has become too much
Alberta’s licensed personal bankruptcy services
Personal bankruptcy services
It’s not about giving up. It’s about getting your life back.
You didn’t get here because you were careless. Life changes. Income shifts. Unexpected expenses happen. You’ve tried to cut back. You’ve adjusted your spending. And still, the balances aren’t moving the way they should.
For many people, the biggest change is relief. The constant pressure from creditors slows down. The uncertainty settles. And you finally understand what your options actually are.
In Canada, personal bankruptcy isn’t a punishment. It’s a legal right designed to give honest people a fresh start. It is a structured legal process under the Bankruptcy and Insolvency Act that immediately protects you from creditor actions and clears the path toward relief from eligible debt.
What to expect
The relief is often physical. It’s the first deep breath you’ve taken in months.
Debt pressure can start to feel constant. You may find yourself dreading the mailbox, avoiding unknown numbers, or carrying stress that follows you through the day. When you file for bankruptcy, that pressure meets a legal process designed to stop most collection actions.
Collection calls and most wage garnishments stop immediately
Creditors, debt collectors, and the CRA must stop most collection activity included in the bankruptcy process. If your wages are being garnished for eligible unsecured debt, filing for personal bankruptcy can stop it.
You clear eligible unsecured debt that’s holding you back
Most unsecured debts, including credit card debt, payday loans, bank loans, and tax debt, are discharged upon completion of your bankruptcy. You stop paying interest on yesterday’s bills and start using your income for today’s life.
You keep the essentials
There is a fear that you lose everything. That is rarely true. Alberta exemptions protect your clothing, household furniture, and tools of the trade, and Alberta is also considered one of the more generous provinces when it comes to the principal residence exemption.
You get a partner in the process.
You don’t navigate the bankruptcy process alone. BNA’s experienced team supports you through the day-to-day steps, while your Licensed Insolvency Trustee legally administers the process and protects your rights.
What our clients say
From “I can’t do this” to “I have a plan”
We’ve stood beside thousands of neighbours in Alberta through real financial challenges. Here’s what they say about having BNA in their corner.
If you are in a position where you need to find a solution out of debt, reach out to BNA for more information. There is no commitment to find out what options are available. I was embarrassed and uncomfortable to share the details of my experience but Sammie immediately put me at ease. She is compassionate, knowledgeable, flexible and an amazing problem solver. She covered all options available to me at my convenience, she passed no judgment, and I felt no pressure to commit. Together we settled on an option that worked best for me. It is never a winning situation to be in a position where you need to dig yourself out of a hole you created but I can finally see a light at the end of the tunnel, thanks to the team at BNA.
You walk in anxious and heavy, that awful burning in the pit of your stomach that comes with debt; feelings of shame, uselessness, irresponsibility. But then you talk to a representative like Simmie, and the weight of the burden begins to melt away. She’s there for you, she talks you through many options, she answers each and every one of your questions with clarity and compassion. Not only does she want to help, she’s trained and licensed to do so. There is work involved for you in this collaborative process, papers and numbers and lists but in the end you are presented with a very feasible, simple plan that allows you to breathe, to engage with your life and your finances in a measured way. I cannot thank Simmie and BNS enough for their empathy, quick turnaround, and straightforward processes.
Unfortunately ran into a sticky financial situation and was referred to BNA Debt Solutions through a debt counselling service. Have had a few meetings and they were always very helpful, kind and understanding. They made my consumer proposal very easy to understand and walked me through it all to ensure I was comfortable with the documents before we took any action. If you’re stressing out about financials, there is help available and I wish I would have reached out earlier. BNA is a great option!
I’ve got myself in very ugly financial situation. It was so stressful that I thought my life is over. It had very big impact on my mental and physical health. When I found out about BNA and their business it was just thin hope that maybe I would find some help. My first appointment was with Simmie Pandher in the office of BNA. After I presented my situation and my worries, Simmie has shown an enthusiastic interest to understand , assist and help me. She sounds like an angel when she said to me that I came to right place where they will find right solution for me. She told me that all my worries ,sleepless night and other concerns will be over. Now because of professional dedication and knowledge of Simmie and Andy Wong and their all team I am back to life again. THANK YOU!
Bad things happen to good people, especially in times of economic and employment uncertainty.
From the very beginning, from my first phone call, BNA Solutions has treated me with respect, empathy and complete professionalism.
The staff were very thorough, knowledgeable and prompt with all my interactions. All options were explained to me and I felt there was hope rather than darkness and despair.
Have used BNA Debt Solutions twice. Once for credit card debt and another regarding a business failure. Both times very empathetic to my situation. I felt I had someone in my corner when it came to dealing with institutions that were aggressive and not empathetic to our situation. Would recommend them infact I have sent three other individuals that had financial challenges and they were grateful that I recommended such a strong team of advocates for their situations.
About Consumer Proposal
If these stories sound familiar, here’s who bankruptcy can help
The people in those reviews didn’t “want” bankruptcy. They wanted relief and a real plan before they had to declare personal bankruptcy. Bankruptcy is designed for people who genuinely can’t keep up anymore.
Who is bankruptcy meant for?
- Owe at least $1,000 in unsecured debt (though typically much more)
- Are insolvent (you owe more than you own and cannot pay bills as they come due)
- Are unable to keep up and are falling behind on payments, with cash flow struggles that cause interest to continually outpace what you can afford to pay.
- Are facing aggressive legal action, like lawsuits or wage garnishment.
Whether it’s credit card debt spiralling out of control or tax debt arising from a difficult business year, the Bankruptcy and Insolvency Act is there to provide a safety net.
Note on Student Loans: Student loans follow different rules. They can only be discharged in bankruptcy if you have been out of school for more than seven years. If you left school within the last seven years, the loan will remain after your bankruptcy.
During bankruptcy, required payments are paused due to the Stay of Proceedings. However, provincial student loans may continue accruing interest, and lenders can still report missed or late payments to the credit bureaus. For this reason, some clients choose to make voluntary payments during bankruptcy to reduce interest accumulation where possible.
Personalized bankruptcy options
General rules are helpful, but your numbers matter more
Let’s make this personal. We’ll explain what you can likely keep, what could be at risk, and the right next step for you.
what you keep in bankruptcy
Okay… but what happens to my home, car, and personal belongings?
“They’ll take everything” is a common fear, and it’s usually not how this works. In reality, provincial laws provide exemptions to help you keep basic essentials and maintain stability.
What you typically keep in Alberta:
- Household Goods: Furniture, appliances, and food.
- Clothing: Essential clothing for you and your family.
- Medical Aids: Necessary health equipment.
- Tools of Trade: Equipment you need to earn an income, up to $10,000.
- Registered Savings: Most RRSPs and pensions are generally protected in Alberta.
- Your Home and Vehicle (Specifics Apply): In Alberta, there is a $40,000 exemption limit for equity in your home and a $5,000 exemption for a vehicle. A quick note on the home: The $40,000 exemption is per household. If you co-own the property but file alone, your exemption is divided by the number of adult owners (e.g., two owners means a $20,000 exemption for your share). If your equity falls within those limits, you may be able to keep the asset. We calculate this with you before you file, so you’ll know exactly what’s protected before making any decisions.
What about secured debts?
Bankruptcy focuses on unsecured debt. Secured debts like mortgages and car loans are agreements between you and your secured creditor and will typically continue as long as payments remain affordable and are paid on time.
If you can maintain those payments and repurchase any non-exempt equity in those assets from your bankruptcy estate, you can often keep the asset. Your Licensed Insolvency Trustee and their team can discuss how secured debts and asset exemptions may apply to your specific situation during a free consultation.
What you may need to surrender
Non-exempt assets, such as luxury items or valuable investments, may need to be turned over to your trustee for liquidation. Before anything moves forward, we’ll help you understand what is exempt, what may be at risk, and whether there is an option to repurchase non-exempt equity.
the personal bankruptcy process
What the bankruptcy process looks like (step by step)
Honest advice based on your situation
If bankruptcy is the right move, we’ll say so. If not, we’ll say that too
The steps are predictable. The cost and timeline depend on your income. We’ll calculate your surplus income and help you understand whether bankruptcy, a Consumer Proposal, or another option fits your situation.
understanding the full picture
Setting expectations (so you feel confident moving forward)
Surplus income payments
The government sets a “reasonable standard of living” threshold, established by the Superintendent of Bankruptcy and updated annually as living costs change. If your income is above that threshold, 50% of the excess goes into the bankruptcy estate.
These are called surplus income payments. Your trustee will require proof of income, so you know an estimated surplus income amount before anything is signed.
- If surplus income is high, a Consumer Proposal can sometimes be more cost-effective than bankruptcy. We calculate that comparison with you upfront, so there are no surprises.
The impact on your credit rating
Declaring bankruptcy will typically place an R9 on your credit bureau report for about 6 years after discharge (for a first-time filer in Alberta).
- An R9 is significant, but so is a pattern of missed payments or maxed-out credit. Bankruptcy helps stop the damage so you can rebuild. You can often qualify for a mortgage within two years of discharge once credit is re-established.
Debts that survive
Not every debt disappears. You will still be responsible for alimony payments, child support payments, court-imposed fines, and student loan debt if it is less than seven years old. We will review your specific debts to ensure there are no surprises.
this is what licensed insolvency trustees do
If you’re still thinking, “but what about my situation?”
That’s the signal. Let’s make sure you’re choosing the right path first. We’ll check the few things that change the cost or timeline, so nothing surprises you.
compare bankruptcy and consumer proposals in canada
Bankruptcy or Consumer Proposal? It depends on your situation
| Feature | Personal Bankruptcy | Consumer Proposal |
|---|---|---|
| Who it’s for | Those with severe financial difficulty who cannot repay their principal debt. | Those who can afford a portion of their debt but need a break on interest and total balance. |
| Asset impact | Non-exempt assets may vest with the Trustee (though many are protected). | You generally keep all your assets (home, car, investments). |
| Cost | Determined by your income (surplus income payments may apply). | A negotiated, fixed monthly payment you can budget for. |
| Debt limit | No limit on unsecured debt. | Up to $250,000 (excluding mortgage). |
| Creditor approval | Not required, bankruptcy is automatic. | Creditors vote on the offer; if the majority accepts, all are bound. |
| Credit rating | Declaring bankruptcy will typically place an R9 on your credit report for about 6 years after discharge (for a first-time filer in Alberta). | R7 rating for 3 years after completion (less severe than bankruptcy). |
| Duration | Typically, 9 or 21 months for a first bankruptcy. | Up to 5 years (can be paid off sooner). |
We will not recommend bankruptcy unless it makes sense for your situation. We review your income, assets, debts, and goals so you can understand which legal debt relief option fits your numbers and your life.
why bna debt solutions?
When the stress is high, we build a plan that works
Decades of experience. Rooted in Alberta.
We have guided Albertans through boom and bust. We know the local landscape and the specific provincial and federal laws that apply to you.
Straight talk. Zero gimmicks.
You’ll get clear steps from our team, no scare tactics. We explain how surplus income works, what automatic discharge requires, and what applies to your situation.
Relief now. Stability later.
Once your bankruptcy is filed, the stress drops. You get room to breathe today and a path to being debt-free tomorrow.
Solutions over sales.
If debt consolidation or simply budgeting is enough, we’ll tell you. We’re not here to push bankruptcy. We’re here to help you solve the problem.
Effective debt relief
These badges represent more than a title
They reflect what clients tell us they value: clear answers, respectful conversations, and steady support from start to finish..
Your path to financial recovery and stability
The goal isn’t just to clear debt. It’s to make sure you don’t end up here again
Relief is great. Stability is better. During your bankruptcy, your required counselling sessions and support materials help you understand budgeting, credit rebuilding, and the habits that can make life after discharge more stable.
Your Credit Report: A bankruptcy will result in an R9 rating on your credit bureau file. For a first-time bankruptcy, this stays for 6 years after your discharge.
Rebuilding Credit: During your mandatory financial counselling sessions, you’ll learn practical financial management skills and credit rebuilding basics. After discharge, many people begin with simple tools like a secured credit card and responsible repayment habits.
Less Financial Stress: The biggest change isn’t on paper. It’s the ability to open your mail without anxiety and answer your phone without fear.
expert answers tailored to you
Still unsure how this looks for you?
Rebuilding feels easier when you understand what comes next. We’ll answer your questions, explain your responsibilities, and help you see what makes sense for your situation.
FREQUENTLY ASKED QUESTIONS
Still wondering about something? Let’s talk it through.
Will bankruptcy affect my spouse?
Not usually. Your spouse’s credit report isn’t affected unless they co-signed or share the debt. If there’s a joint loan, the creditor can still pursue the co-signer for repayment.
What if someone co-signed a loan?
If a loan was co-signed, the other person remains responsible for repayment, even if you file for bankruptcy. We’ll review co-signed debts with you before filing, so there are no surprises.
How long does bankruptcy take?
A first bankruptcy is often 9 months with no surplus income, or 21 months if surplus income applies—assuming your discharge isn’t opposed. If a creditor (or the trustee/OSB) opposes it, it can take longer and will require a court hearing.
Do I have to go to court?
Most people do not have to go to court. A hearing is usually only needed if your discharge is opposed by a creditor, your Licensed Insolvency Trustee, or the Office of the Superintendent of Bankruptcy.
Do I give up my credit cards?
Yes. When you file for bankruptcy, you must surrender your credit cards to your Licensed Insolvency Trustee as part of the bankruptcy process.
Will it stop wage garnishment?
From the date either option is filed, bankruptcy and a Consumer Proposal both create a legal stay that stops most collection actions on included unsecured debts, including wage garnishment.
We’ll keep it simple.
If you’re ready for clarity, we’re here to help
You’re not asking for perfection. You’re asking for relief and a real way forward. Our team will listen first, explain your options clearly, and help you understand the right next step.