Filing for bankruptcy results in an R9 rating, the lowest possible credit score rating in Canada. This indicates that you have declared bankruptcy and failed to meet your financial obligations. 

Bankruptcy in Canada is governed by the Bankruptcy and Insolvency Act (BIA), a federal law that outlines the process for individuals and businesses to eliminate or restructure their debts while providing fair treatment to creditors. 

In Canada, personal income tax debt can be included in a bankruptcy filing. This provides relief from overwhelming tax obligations and stops collection actions by the Canada Revenue Agency (CRA).

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.