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Which statement is false with respect to a declaration of personal bankruptcy? Unsecured creditors will not be able to take legal steps to seize property

Which statement is false with respect to a declaration of personal bankruptcy?

  1. Unsecured creditors will not be able to take legal steps to seize property
  2. Any of the debtors assets can be liquidated to pay creditors
  3. Declaring bankruptcy has greater consequences than filing a consumer proposal
  4. You can file for bankruptcy when you become insolvent

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