Personal Bankruptcy: What It Is and What You Should Know
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You may have considered bankruptcy if you've been struggling with massive debt. There are various types of bankruptcy, but it should not be filed lightly. However, there are times when bankruptcy is the best (or only) option available. It would be best to understand what bankruptcy is, when and how to file, and more about declaring personal bankruptcy in Alberta . What Precisely Is Bankruptcy? Alberta bankruptcy is a legal process that helps free an individual or entity from the financial obligation of debts owed. When individuals or businesses cannot pay their debts, they may file for bankruptcy. Depending on the individual's financial situation, various bankruptcies are available. Debtors who file for bankruptcy have the opportunity to start over. In some cases, it's also an opportunity for creditors to recoup some debt. Depending on the type of bankruptcy filed, someone will meet with a judge to determine which debts can be discharged and which will req...