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Hi there. Id like to hear some advice on banruptcy. Thanks

http://www.bankruptcy-manitoba.com/  
 
You will forfeit your income tax return, GST rebates, all credit cards will be cancelled and filed in the claim, You cannot claim utilities or student loans.  
 
You will not be able to get a loan for several years and it takes 7 years to clear. I did it a long time ago due to my wife leaving me with three children and a pile of bills and loans - it was worth it.

I hate people going bankruptcy. They couldn't make their business then go bankruptcy owing few people money.  
We have a business and we hire them and they do not tell you that we will not get paid while we pay the supplies and employees then oops no money from them coming to us.

Student loans may be included if it is at least 7 years since you were a full time student, consult a trustee. Hey! My husband left me with three kids and all the debts too! Lol  
If it's really bad, it's worth it. Good luck!

It's never worth it. All you have is your word, and if it isn't any good why should anyone trust you. EVER.  
 
If you can't pay cash for it, you can't afford it. You can't get a loan after 7 years, and try rebuilding your credit from scratch... Takes longer than 7 years  
 
Don't do it

I think there is pros and cons, but if your stuck in that situation go for it!

I was in a similar boat 4 years ago(father passed away and was stuck with his debts). I ended up going to MNP, and were professional about it and a real help.  
 
http://bankruptcy.mnpdebt.ca/bankruptcy/MB/Brandon?gclid=Cj0KEQiA-4i0BRCaudDcrrnDi6kBEiQAZSh5fzwaDpHcJ6nuUCsUhfzf-9_4yfh3yPsw_3lRfrufPxgaApL_8P8HAQ

Your best option is to speak to a Trustee in Bankruptcy. Locally, BDO and MNP have Trustees who can advise you on your options.  
 
There is another option which many people don't know about called a consumer proposal. With a consumer proposal your debts are not wiped out. Rather, the Trustee looks at your income and helps arrive at a budget for making an orderly payment of your debts. Collection actions and interest stop. You are required to make the payments as required by the Trustee. If you make the payments as required collection actions are suspended. If you miss a payment, the freeze on collection actions is lifted.  
 
A bankruptcy erases your debts entirely but, depending on your income, payments may still be required to the Trustee who distributes the payments to creditors on a pro-rata basis.  
 
Both affect your credit rating, but a bankruptcy leaves a blacker mark on your credit rating.  
 
Speak to a trustee who can advise on your options and which are best for you.  
 

Des said "Your best option is to speak to a Trustee in Bankruptcy. Locally, BDO and MNP have Trustees who can advise you on your options.     There is another option which many people don't know about called a consumer proposal. With a consumer proposal your debts are not wiped out. Rather, the Trustee looks at your income and helps arrive at a budget for making an orderly payment of your debts. Collection actions and interest stop. You are required to make the payments as required by the Trustee. If you make the payments as required collection actions are suspended. If you miss a payment, the freeze on collection actions is lifted.     A bankruptcy erases your debts entirely but, depending on your income, payments may still be required to the Trustee who distributes the payments to creditors on a pro-rata basis.     Both affect your credit rating, but a bankruptcy leaves a blacker mark on your credit rating.     Speak to a trustee who can advise on your options and which are best for you.     "

Bankruptcy and Consumer proposal leave your credit radioactive...R9...credit score 330, essentially hits the reset button. Careful with consumer proposals because the trustee has an incentive to push it, they receive a tidy percentage of every payment until the debt is paid. If it's a debt you could pay back and it makes sense to pay it back then of course do a proposal. If it's $100,000 in credit debt, a repossesed car or a mortgage you've already been foreclosed on, then file bankruptcy. Don't walk, run to the trustee. Things happen, the richest people you know file bankruptcy, it's not being a deadbeat. You need to talk to a trustee because you are likely struggling with the guilt of quitting, a trustee is usually an accountant and can provide you with sober, unbiased facts. Things you may not be willing to see.