I filed for bankruptcy back in 2012. I wasn't working, had racked up 44K in credit card debt and bankruptcy was my only way out. I know laws are different in Canada than the US, but I found the process pretty painless. The hardest part for me, is you can only earn a maximum amount, before any excess goes to creditors and so I had to submit a monthly income statement to my trustee. It was also hard learning to live without credit cards.

I found the mandatory credit counselling to be really helpful.

I'm now trying to rebuild my credit and have a couple of low interest, low limit credit cards, that I use and pay off every month.

It does wreck your credit rating, but for me it was definitely worth it.

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