Discover Your Debt Solutions
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Questions and Answers

What is the main difference between being insolvent and being bankrupt?

  • Insolvency refers to the inability to meet financial obligations, while bankruptcy is a legal process for managing debt. (correct)
  • Insolvency and bankruptcy are interchangeable terms for the same financial situation.
  • Insolvency is a temporary financial difficulty, while bankruptcy is a permanent financial situation.
  • Insolvency is a legal process for managing debt, while bankruptcy refers to the inability to meet financial obligations.

    • What are some alternatives to personal bankruptcy?

  • Winning the lottery, gambling, and taking out a second mortgage.
  • Credit counselling, debt consolidation, and consumer proposals. (correct)
  • Selling assets, borrowing from friends and family, and using credit cards.
  • Investing in stocks and shares, starting a business, and taking out a loan.

    • What is the minimum amount of debt you must owe to be eligible for personal bankruptcy in Canada?

  • $15,000
  • $5,000
  • $10,000
  • $1,000 (correct)

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