people sometimes ask me what’s really
happening with regard to my debts go bankrupt or if I do a consumer proposal
the first thing that happens with regard to your debt when a person does a bankruptcy
or a proposal the first thing that happens is that the stay of first stay
of proceedings goes into effect which is kind of like a
wall if you want that goes up and separates them from their debts from
their creditors this says stay of proceedings prevents the creditors from
being able to continue to pursue them for the money so the first thing that
happens is you get this relief from from the creditors who you’re delinquent with but eventually when you go bankrupt or you do a proposal you’re
essentially you’re essentially trying to get to let’s call a debt-free land and
when you get your discharge from the bankruptcy or when you get the
certificate at the end of the proposal show that you’ve paid the proposal in
full essentially you’ve reached debt-free land so what happens at the
end is basically that you’re you’re no longer responsible for all the debts you
had on the date you went bankrupt now there’s an exception to that and that
exception of course is a secured creditor a secured creditor if you own a
home or or a car and you want to keep the car
then you’re going to have to keep paying that creditor throughout the bankruptcy
or proposal in order to retain them retain the asset thank you so much for
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