To be eligible to declare bankruptcy in Canada, there are some requirements you must meet:
You have to owe at least $1,000 in unsecured debt, or;
Your debt must be greater than the value of your assets, or;
You’re unable to pay the debts as they become due
Contrary to what many people think, the bare minimum of $1,000 owing is enough to declare bankruptcy, although that doesn’t mean you should. Only a Licensed Insolvency Trustee can advise you as to your best option, given your particular circumstance.