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Personal Bankruptcy is an option available when other avenues cannot solve an individual’s personal credit problems. Bankruptcy enables a debtor to discharge most debts and start one’s financial life again. It is intended to be rehabilitative when debtors get over their financial heads.
Most but not all debts are discharged by bankruptcy proceedings. Examples of those not discharged include Alimony and Support, Criminal Convictions, Fines, Canada Student loans taken within 7 years of bankruptcy and others.
A Consumer Proposal (Division II) may be a good option to resolve your difficulties with your creditors if you have consumer debt of less that $250,000 (not including mortgage on your residence), you find yourself unable to pay them, or if you wish to negotiate your debts with your creditors but you do not want to file a bankruptcy assignment.
A Division I Proposal may be an option if your debts exceed the debt limits for a Consumer Proposal (above $250,000 excluding mortgages).