Leah has a gambling addiction - she has used all her life savings, sold all her significant assets and accumulated debt on her credit cards. The debt is more than $150,000. On top of that, Leah has lost her job, her only source of income. Leah still has half a share in the house; her ex-husband owns the other half share. It is also where she lives. Leah believed her luck has changed, so she gets another credit card with a different bank - gets $5000 as a cash advance and tries her luck again in the casino. She loses all the money. Leah has no way of paying the money back.

Explain to Leah what an act of bankruptcy is - refer to the Insolvency Act and provide examples

What are the implications of being adjudicated bankrupt for Leah?