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Why and How to File Bankruptcy in Toronto and Areas

Once you decide to become bankrupt the Toronto bankruptcy trustee completes the paperwork with you and files it with the federal government. Your creditors are then advised by mail and are to deal with the bankruptcy trustee from then on. For secure debts such as car loans and mortgages, you continue to deal with those creditors under the original agreement you made. If you want to end a secured debt and have that creditors' loss included in the bankruptcy, you must turn the secured asset over to the bankruptcy trustee when you become bankrupt.

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