“Because things are the way they are, things will not stay the way they are.” Bertold Brecht People start thinking about declaring bankruptcy when the burden of their debts and subsequent stress make it almost impossible to enjoy life. People in this situation are typically honest but unfortunate. They often find that a meeting with a licensed insolvency trustee reveals other options, such as debt consolidation or a consumer proposal. In Canada, you can ONLY apply for bankruptcy after a licensed insolvency trustee has first assessed your financial condition (debts and assets) and found that you are insolvent. Depending on where you live, there are provincial variations in bankruptcy legislation which affect the assets you are allowed to keep after bankruptcy. While not something to be undertaken lightly, bankruptcy can be the beginning of a new, saner approach to finances. It is an opportunity to be relieved from a crushing debt burden that makes all aspects of life extremely difficult.
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