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All of the following are true (not false)!

1//You normally will  NOT lose your house and you will NOT lose your car-  if the following applies:

– real property is usually mortgaged which means that you must continue to make the mortgage payments  to keep your home- an arrangement between you and the lender- if there is equity, this must be addressed- this is a reason to call and meet with a professional so that you are not worried about losing what is often the most important thing in your life. Cars operate on the same principal, if they are financed.

2/  You will NOT end up in prison for not paying your debts -unless you committed fraud or lied or ignore a court order to appear in court.  The bankruptcy process is designed to allow you to face your creditors and be protected from lawsuits, so that you can get out of your debts subject to reasonable conditions – jail, not being one of these conditions.

Three other myths……..to round out the top 5 which are all true (not false):

3/Your bankruptcy (or consumer proposal)  will be not be on your credit rating forever, assuming you get discharged ( or finish paying the proposed amount, in the case of a consumer  proposal)

4/You can continue to collect a paycheque from your will likely be able to keep your vehicle, your furniture and your personal items (within reasonable limits)

5/You can have a bank account.

There are many other common beliefs that are not correct.  If you want the truth, call Dodick Landau at 416 736 4357 or email info@dodicklandau.ca and we will try to set the record straight.