Bankruptcy is a legally binding agreement under the Bankruptcy and Insolvency Act, which is aimed to provide financial protection to individuals who are unable to repay their debts. This is an ultimate form of debt forgiveness program that is available to Canadians. All eligible debts are included in filing, making it possible to get a fresh financial start. This however comes at a cost of greater and longer lasting negative impact on consumer credit score and history. This could make it harder to get approved for new credit and will require considerable effort for rebuilding. Bankruptcy filings also become part of the public record, and hence other people will be able to see them.
While sometimes, this is the only viable option, we want to help you make the right and timely decision!
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