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What is Bankruptcy in Toronto?

Bankruptcy is a formal legal process, which allows insolvent people relief from their debts and the opportunity to start over.

 

Filing bankruptcy in Toronto starts with a consultation with Toronto Bankruptcy Services in Canada, filing of legal papers with the court, and notification of your creditors. For a period of time, all legal actions are placed on hold – garnishees stop and creditors are not entitled to seize assets.

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Uploaded on June 17, 2025