According to Canada Bankruptcy and Insolvency Act and the Ontario Execution Act there is the way out for people in financial crisis when they want to start a new life without debts.
Who can file for bankruptcy? An adult person with a debt at least $1,000 who can’t pay it.
Usually, the bankruptcy process takes 9 months, and if it’s your first bankruptcy and you did everything right, then you may get back your previous status.
There is also a possibility that you’ll have to go to a court…