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Personal bankruptcy?
Q. If one declares personal bankruptcy, do you have to give up everything you have (i.e. house still paying mortgage on, car, furniture, etc...), and wind up on the street? 2 people I know filed for bankruptcy (One was for a business, one was personal), and they both claimed that you get to keep pretty much everything you have. How is that possible?
A. - Bankruptcy is a federal matter but provincial laws regarding peripheral property matters may apply. Business bankruptcy may insulate person from creditors but not necessarily depending on what personal guarantees have been provided. If the hous
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