Personal Bankruptcy Canada
bankruptcy, personal bankruptcy, credit counseling
A consumer proposal is a legally binding agreement between a debtor and his or her creditors. Eligible Canadian residents who can still afford to repay some of their debts but are experiencing financial hardship work with a bankruptcy trustee to draft a proposal to pay a portion of their debts off within a specified amount of time. If the creditors approve the proposal, your debts are settled for less than what you owe.
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At the federal level, the “rules of the road” for both business and consumer bankruptcy filings are spelled out in
Consumer Proposal hel.
The Bankruptcy and Insolvency Act of Canada (BIA) – requires debtors who file for bankruptcy or a consumer proposal to go through two formal credit counselling sessions while in bankruptcy. I
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