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10 Questions with a bankruptcy specialist
Rounding it up
Bankruptcy is a legal proceeding where a person or a corporation gives property to a Licenced Insolvency Trustee (LIT) and obtains release from their debts.
Alternatively, a debtor could send a consumer proposal to their creditor, which would allow them to settle their debts without declaring bankruptcy.
You can avoid bankruptcy by budgeting appropriately, incurring minimal debt, and setting aside savings.
If you are experiencing money and debt problems, the first step is to contact the LIT. They are qualified to provide you with ways to remediate the situation.
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