I Have Never Declared Bankruptcy and Would Appreciate Some Advice

It is an overwhelming situation when you are trying to deal with your creditors. The best summary is that bankruptcy is an option for a person who has looked at all the other options and has no way to deal with their creditors.  They need to ask for that chance to start fresh and to be rid of their unsecured debts. There are a few unsecured debts which are not written off in a bankruptcy:

• Court fines, penalties and restitution orders
• Any award by the Court for bodily harm inflicted intentionally, sexual assault or wrongful death
• Alimony, child support and maintenance
• Any debt or liability arising out of fraud, embezzlement, misappropriation or defalcation while acting in a fiduciary capacity
• Any debt or liability for obtaining property under false pretenses or fraudulent misrepresentation
• Liability for any dividend a creditor would have been entitled to receive when you fail to disclose the creditor to your trustee
• Student loans, if you ceased to be a student (i.e., ended your studies) less than 7 years before the filing of your Bankruptcy. In cases of hardship, the Court can reduce this period from 7 years to 5 years.And secured debts will depend on whether or not you are wanting to keep the asset that you gave as security. 

The best advice I can give you is to speak to one of our counsellors or Trustees about the specifics of your situation. And then we can tell you exactly how a bankruptcy would work for you.