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Filing for Bankruptcy in Canada: Pros and Cons

Debt can be a very stressful part of life. Sometimes, that debt takes over and we need to find a way to deal with it. In a case like this, you need to weigh your options. There are a few different ways you can deal with your debt and/or make it more manageable. The way you choose to do that depends on the severity of your financial situation. It is also important to keep in mind the negative effects of whatever debt resolution that you choose. For some people a debt consolidation loan could be the answer, but for others they may need to consider a consumer proposal or even bankruptcy. There are positives and negatives to each of these options, but bankruptcy has more negatives to consider than the other options.

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