Bankruptcy Advice

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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.

8 min read

John Adamson
#debt#bankruptcy#consumer proposal#LIT

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