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Things You Should Know About Bankruptcy

things you should know about bankruptcyBankruptcy is only one choice for someone in debt that is serious there’s an alternative choice which individuals ought to know about specifically the consumer proposition.

Whereas in a bankruptcy your assets are assigned to a trustee (subject to exemptions) who subsequently liquidates them to pay your unsecured creditors, this really isn’t true for a consumer suggestion. The consumer proposition, under the Debts and Insolvency Act, is an offer to pay your lenders that are secured an established amount of money thereby avert insolvency and to extinguish your debts. This cash is paid interest free over a span of up to FIVE years. Continue reading