Scott, Pichelli & Easter Ltd. — Licensed Insolvency Trustee

Insolvency check

Am I insolvent?

Insolvency has a legal definition in Canada. These six questions map to it, and each answer explains itself as you go.

  1. 1

    Are you unable to pay your debts as they become due?

  2. 2

    Do your total debts exceed the value of your assets?

  3. 3

    Have you been using credit to pay for basic living expenses?

  4. 4

    Are you only making minimum payments on your debts?

  5. 5

    Have creditors taken legal action against you (garnishment, lawsuit)?

  6. 6

    Do you owe money to the CRA that you can't pay?