The Canadian bankruptcy process is meant to provide the honest but unfortunate debtor to relieve him or herself of the financial burden and start over, to become a productive contributing member of Canadian society. Sometimes life happens - the loss of a business where the owner guaranteed many business debts, divorce, illness, job loss and sometimes it is for other reasons - overspending, lifestyle, gambling, alcohol or drug addictions.

Everyone deserves a second chance and hopefully will not either find themselves in unfortunate circumstances or repeat past behaviour that led to the financial problems.

Well since I sought out information on this site, it never came. What I learnt in the meantime after visiting a bankrupt trustee, was this is not the only solution but probably the worst. I still stand by that.

If one is not in a position to be sued (many of the banks and credit card holders are not suers especially at this point because so many people in this position -- just cost too much to take people to court to find out they have nothing) So if your 'safe" -- like myself...the housing market has cooled off so equity has gone down so my house holds not a lot at this time...so "whew" for a moment. I'm not entirely feeling like I need to pay off each creditor in full. Wasn't everyone's fault this whole global meltdown happened..took all self employed people's work away. So now that have built another business out of nothing..with $300 -- its not ideal but gives me 2000 more a month since that visit................i wil slowly make deals with each and every creditor...see if they will come down to 50 or 25 percent of what I owe. Make them an offer. Pay all off within a year I hope.

This will help from ever having to have that 9 year stigma...i filed bankrupcy. I just hate the sound of it. They may clean the slate and for one moment you'll feel relieved its all gone but live with it still for 9 years later. No..not interested in credit cards again but house buying, investments and the bankrupcy will always come up with everything u sign.
There are other avenues to deal with this. You don't even need another credit counseling company or some debit management company trying to get you spend a certain percentage of what you owe to them to do the job you can do yourself. They make u believe that they have clout and us the consumer doesn't. Money talks. I'll check back once my debts are paid by the end of this year I suspect.

I vouche for no bankrupcy. Its ugly. Take everything from you and its for the bankrupcy person and the creditors. They don't work for the "victim"

See stupidity does run in the family...even the wife.
But let's blame td......lol

Blame everyone but your own stupid moves which seems to be inherited.
Must make for great family reunions at the court house..lol

So Steve… It sounds like bankruptcy is the Hoddinott way. A skill passed on from generation to generation. That said, I wonder how long it’ll take your kids to screw up their finances and go down the bankruptcy channel?

I would like to know if i should delcare bankruptcy or not too.
Would like to to know how you decide too. I am so stressed out now.

In a nutshell my husband and I are about 100k in consumer debt/loans. We are both self employed and have suffered dearly since the market crash. We've used up all our resources; savings to get by up until a few months ago. We are no longer able to make our minimum payments. My husband's business income is not nearly up to what the income was prior to the crash. The HST certainly was salt in the wound. I'm currently a stay at home mother and run a small art studio from home. I sell the odd painting here and there and provide art classes when I can. I've even tried to get a part time job since January as I watched our money slowly trickle away. Living rural there are only so many jobs and that many applicants. I can't believe I can't even get anything part time. I spend most of my time looking for solutions...as the bottom line here is..INCOME is our problem and not so much how we manage our money. We live in a modest home which has no equity currently so if we go Bankrupt we get to stay in our house. (apparently) We have no assets. We only have used older vehicles; no fancy furniture (mostly hand me downs); no big TVS or othere electronics..we're living quite frugal..no holidays..no outings, no shopping sprees...its been quite humbling. So nothing to sell except for very small items that don't give much impact. Now our frustration lies in how when where and what..to do. We've gone to a Bankrupty Trustee whom I must say hasn't given us the best kind of service we are seeking. Its been pointed out that because we are both self employed our chances to win at Consumer Proposal are slim. She can't seem to work our numbers for us. I can only see trying the CP before going for Bankruptcy. I find the whole thing crazy because we are being penalized for being self employed. Now going bankrupt the creditors would certainly want us to go that route because of the surplus of income. When I look at the numbers and because the way it works, we can't even afford to be in bankruptcy. For what we make and what are expenses are..there just isn't any way. I find that completely misleading to say that Bankruptcy would be away to give people a fresh start. The numbers work out the same if we had to pay out of pocket now to the creditors (if we had the money and we don't) so bankruptcy seems like the solution but how to afford it! We want to stay living in our house. Our mortgage is the biggest expense and we haven't ever defaulted on that payment but i feel if we go bankrupt that will happen. Now as time is ticking on, I'm scared of being sued by the creditors and haven't the fainest on when and if they will or could do that. While I buy time with the trustee, I'm trying to find a solution with the creditors now but hard when one doesn't have the income or a job to help pay for an arrangment. Anyone have advise here? Anyone gone through tbankruptcy that can shed light if the experience was a right one or wrong one for them and why. I personally don't like it for all sorts of reasons and don't think it is a BREAK as they put it. Look forward to advice/recommendations.