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exactly How bankruptcies work with Canada. Are loan companies in Canada permitted to keep calling me personally if we file for bankruptcy?

exactly How bankruptcies work with Canada. Are loan companies in Canada permitted to keep calling me personally if we file for bankruptcy?

Your bankruptcy starts once you seek bankruptcy relief with A licensed insolvency trustee (LIT), because they are the only real specialists in Canada which are licensed and controlled to manage bankruptcies. Your trustee settles your entire debts by spending the profits of one’s assets that are non-exempt creditors. a valuable asset that is non-exempt a valuable asset that surpasses the equity restriction set by your province. For instance, in the event that worth of your automobile surpasses the limitation set by the province, in that case your trustee can offer your vehicle to settle creditors. (You would nevertheless get the amount that is“non-exempt” of asset together with creditors obtain the rest.)