Joe is right; you should consult with a licensed trustee for the right answer.

As far as I know the only debts exempt from bankruptcy are FRO (family responsibility/support & custody orders) and student loans (depending on how long you have been out of school)

Everything else is game as long as you let the trustee know about the debt. I know someone who filed for bankruptcy and they included a timeshare debt and some yoga school debt; its not just credit cards.

How much is your debt in total? I know you can get Wells Fargo and VFC wiped out in bankruptcy, but daycare I have no idea, but a bankruptcy trustee can tell you this.

I have a friend who declared and it really doesn't seem worth it in the long run

We have monty twice and if you notice the years they are of the reccession years of Canada. None were of credit cards just fell on hard times. If anything never file bankruptcy more than once. The credit bureau has a nasty policy out right now that gives them the right to be God. If you file in the case of a single bankruptcy it is automatically purged after 6 years however if you file any other bankruptcy after that the purged file raises from the dead to attach itself to the second bankruptcy. So no matter when you file second or third one it will bring the purge file sentence you served already and tack on another 7 years and then tack 14 more years to second one until the end of the discharge dates. Husband is serving a 28 year sentence and then some his bankruptcies were filed in 1991 discharged in 1995. Second one was filed 2002 and discharged in 2005 now you do the math. We were told that the system automatically purges then searches out other bankruptcies and then tacks them back on for more additional years. Pretty shady eh considering the first one is a single bankruptcy and purged and then raise from the dead. Credit bureau's don't know the defitniton of purged. Ah our first bankruptcy will finally be purged once again in Febuary 1, 2009 so they say but then who knows the system will search it out again since we did file a second one and tack it back on again I have no doubt of this because the credit bureau's are corrupt bastards.

We are interested in exposing the truth about declaring bankruptcy in Canada.

Sure.. it's a relief from a painful financial situation, but are people fully aware of the problems it will bring before they declare?

I have heard more times than not that if people would have known the night mares they had after declaring bankruptcy, they never would have declared in the first place.

Yes... declaring bankruptcy is humiliating and embarrassing. Wouldn't you feel better knowing that you at least helped out some other Canadians by sharing your experiences?

Please.. let us know your bankruptcy story.