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Bankruptcy and foreclosure

A total of 14 records were found for Bankruptcy and foreclosure
Definition: Bankruptcy is a formal process guided by law in which a debtor’s property is turned over to a trustee who manages the payment of creditors. Foreclosure is a legal process which enables a lender to repossess and resell property if a borrower has failed to keep up the repayments on a mortgage.
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Bankruptcy Canada was founded in 2004; contributors are trustees from regional and national firms in Canada. This site provides easy to understand facts and information about bankruptcy and its alternatives.

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Bankruptcy law in Canada (and generally elsewhere) is governed primarily by federal law and governs the process by which individuals and companies apply to court to be relieved of their debts (except for some debts, such as secured debts or those that have arisen through fraud). Bankruptcy can be voluntary (initiated by the person in debt) or involuntary (initiated by creditors of the debtor). Includes links to online sources of further information.

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For debtors (those who owe money) and creditors (those who are owed money), OSB, a special operating agency associated with Industry Canada, makes the bankruptcy and insolvency process easier to understand by providing information.

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CPLEA Resources

Find where you can get the help you need by answering a few simple questions about your financial situation.

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