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Cawston & Associates

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Bankruptcy and Insolvency in Calgary

Bankruptcy and insolvency are usually seen as negative. But individuals and businesses go through challenging times for a variety of reasons. When the situation gets overwhelming, it’s important to know your options. A bankruptcy trustee can help you understand what bankruptcy and insolvency are, the differences between them, the process of declaring bankruptcy or insolvency, and whether you should consider it in your own situation.

Insolvency is a state of being unable to meet one's obligations. In Canada, those who cannot pay their debts can choose to either file for bankruptcy or under the laws of another province register as an insolvent individual.

There are many different types of insolvency that give people with financial difficulties a variety of options when they can no longer meet their financial obligations. For example, there is voluntary vs compulsory bankruptcy and also several different types of insolvency that involve different levels of complexity and consequences.