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What is bankruptcy?

A person in financial difficulty can use the provisions of the Bankruptcy and Insolvency Act to file for personal bankruptcy. Only an authorized insolvency trustee can do this on your behalf.

When you file for bankruptcy, we notify all your creditors, who must then immediately suspend all recourse against you (actions, seizures, telephone calls and other collection procedures).  Bankruptcy allows you to eliminate all your debts, including those owed to government entities, although there are some limited exceptions.

Bankruptcy may be the best option if:

You cannot consolidate your debts or make a consumer proposal.

You have few assets with substantial equity.

Your financial situation is too unstable to commit to a long-term proposal, and you want to solve your debt problem quickly and balance your budget.

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How does bankruptcy work?

Bankruptcy goes through several stages that are important to understand for those considering this financial procedure:

• Identifying the financial problem: recognizing financial difficulties.
• Filing for bankruptcy: filing for bankruptcy with the appropriate authorities.
• Bankruptcy management: an insolvency administrator manages the process.
• Financial restructuring: plan for financial recovery.
• Conclusion and follow-up: resolve debts and ensure financial stability.

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Advantages of bankruptcy:

During the bankruptcy:
• You can keep the assets you need for work and part of your savings for retirement.
• If you have secured loans, you can continue to repay them.
After bankruptcy:
• You’ll live debt-free and on a balanced budget.
• You can choose which assets you want to keep.
• Bankruptcy offers a second chance to those who need it.

Other solutions at your disposal

Making a budget

Making a budget will help you better plan your expenses in relation to your income. Making a budget and reviewing it regularly is an excellent exercise in achieving financial security.

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Debt consolidation

You can contact a bank or other financial institution to consolidate your debts into a single loan. This creditor will pay all your debts, and in return, you will make one monthly payment to this single creditor.

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Consumer proposal

If you prefer to avoid bankruptcy, another option is available to you: a consumer proposal. You’ll be able to negotiate the repayment of your debts at a reduced percentage and benefit from more time to make your payments.

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