How bankruptcies work in Canada

Can you please tell me what is bankruptcies and how it works in Canada?

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In Canada, bankruptcy is a legal process where individuals or businesses unable to repay their debts seek relief from their creditors. It involves surrendering assets to a trustee who manages the distribution to creditors. Bankruptcies typically discharge most debts, providing a fresh financial start, but can also have long-term consequences on credit and financial standing. The process is governed by the Bankruptcy and Insolvency Act and offers a structured path for debt relief and financial rehabilitation.

0 Reply May 24, 2024

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