Bankruptcy

Bankruptcy is a legal process governed by the Bankruptcy and Insolvency Act and is designed to relieve honest but unfortunate debtors of their debts. An insolvent person who has no other way to meet his/ her financial obligations may file for bankruptcy, unless they have not been discharged from a previous bankruptcy.

In a bankruptcy, people or companies who can no longer pay their debts give all of their non-exempt property to a trustee in bankruptcy who then sells it and distributes the money to creditors.
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As soon as the debtor is declared bankrupt, creditors can no longer launch or continue legal proceedings against the debtor without the Court’s permission. At the end of the process, the bankrupt is released from the obligation to repay the debts they had when the bankruptcy was filed (with some exceptions).