COVID-19 Message to Debtors
March 25, 2020
During this challenging time, many Canadians may be dealing with financial challenges and having to make tough choices – maybe even thinking about filing for bankruptcy or making a proposal to their creditors. Please know that the Government of Canada is introducing economic measures to help stabilize the economy and ease the financial pressure on you. We encourage you to explore and consider these new measures.
Many creditors (such as the Canada Revenue Agency, banks, utilities providers and others) understand the impact the COVID-19 crisis is having on Canadians and are more open to flexible solutions like deferring payments or extending deadlines. You should contact your creditors directly to see what they can do for you. As always, be careful of anyone offering quick credit fixes or debt services that sound too good to be true.
You can also visit the Financial Consumer Agency of Canada website for advice on managing your finances during this challenging time.
If you think a bankruptcy or proposal is necessary, consult a Licensed Insolvency Trustee (LIT) directly. Find an LIT near you.
If you have an existing bankruptcy or proposal, please work with your LIT to discuss any potential flexibility you may need. The Office of the Superintendent of Bankruptcy is providing LITs with regular guidance to give them as much latitude as possible to address the challenges debtors may be facing.
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