In Canada, child support payments are not dischargeable through bankruptcy. This means you are still required to pay any outstanding and ongoing child support obligations even after filing for bankruptcy.

Insolvency refers to a financial state where an individual or business is unable to meet their debt obligations as they come due. It is not a legal process but an indicator of financial distress. 

Eligible debts that can be consolidated include: credit cards, consumer loans and public utilities. Ineligible debts include: mortgages, student loans, along with others.

Whether you qualify completely depends on the creditor you are contacting and the plan you present to them. Important factors such as the length of the repayment term and the amount of debt you have will impact their decision to accept or decline your proposal.

There is a small application cost, as well as the 5% monthly interest accrued during the repayment term.

A discharge releases you from the legal obligation to repay the debts you had as of the date you filed for bankruptcy, except for specific types of debts that are excluded by the law.

If you are discharged from bankruptcy you are once again free to liquidate your assets. However, before cashing in your RRSP’s or other investments there are tax implications and lost future income to consider. It is recommended that you consult with a financial planner to determine the costs and benefits of doing this.

Do not rely on someone else to rebuild your credit. You must be the driving force. Clean up your credit report — make sure all errors are corrected. Obtain new credit — a secured credit card, small secured loan or RRSP loan. Make sure the new credit is reported to the credit bureau (not all credit products are reported). Start by asking your financial institution what products they have available to help you...

Insolvency occurs when an individual or business is unable to meet their financial obligations as they come due. It is a financial state distinct from bankruptcy, which is a legal process. 

A debt consolidation loan is a financial solution that allows individuals to combine multiple debts into a single loan. This simplifies repayment and often reduces the interest rate on the total debt.