In Canada, student loans are subject to specific rules in bankruptcy. These loans can only be discharged if at least seven years have passed since you ceased being a student.

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.

A consumer proposal is a formal agreement with your creditors to settle debts for less than the full amount owed. It allows you to avoid bankruptcy while providing a manageable repayment plan.

Secured debt is a type of loan backed by collateral, such as a house, car, or other valuable asset. If the borrower defaults, the lender can seize the collateral to recover the debt. 

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. 

Debt consolidation involves combining multiple debts into a single loan with a lower interest rate. This simplifies payments and may reduce overall financial strain. 

The total of all your debts must be paid in full plus 5% interest, usually within a period of three years, unless all creditors consent to an alternative arrangement and the Court approves it.

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

The program is only available in Alberta, Nova Scotia and Prince Edward Island. It is also available in Quebec, where it is referred to as the Voluntary Deposit Law (or formerly, Lacombe Law).

Using the Orderly Payments of Debt approach to repay debt will lower your credit rating. It is the same credit rating you would receive if you file a Consumer Proposal (R7). However, it will not be as low as the rating given to those who file for Bankruptcy (R9). Credit reporting agencies typically keep an Orderly Payments of Debt on your credit file for three years upon completion.