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hundreds of thousands of Canadians
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We've helped
hundreds of thousands
of Canadians

get out of debt
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Difference Between Insolvency and Bankruptcy

You may often hear the terms “insolvency” and “bankruptcy” being used interchangeably, but they have different meanings. Insolvency is a financial state where a person cannot meet debt payments on time. Bankruptcy is a legal process that happens when the individual declares he or she can no longer pay back his or her debts to creditors.

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