Bankruptcy is a legal procedure that allows you to be released from most of your debts if you are insolvent and facing serious financial problems.

If you go bankrupt, the property you own at the time of your bankruptcy and the property you acquire before your discharge will be seized. They will be used to pay off your creditors (people you owe money to) and to discharge your debts. However, certain types of property are unseizable

In general, bankruptcy should only be considered as a last resort. There are other solutions you can apply to pay off your debts, including consumer proposals and voluntary deposit.

For more information: Office of the Superintendent of Bankruptcy.

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