Banruptcy will also remain on your record for up to seven years, but you may well be able to re-establish credit after a couple years. Think about that.

You might consider a credit counselling program now which will stop creditors from harassing you. You can then investigate bankruptcy.

HERE IS WHAT SOME CREDIT COUNSELLING SERVICES OFFER. "Any one can experience debt problems. The important thing to remember is that you are not alone, you have options. Credit counselling services provides confidential consumer debt counselling services for all."

• Free confidential financial counselling, Remember the counselling is free, but ask if they are be taking a commission out of each payment you make.
• Arrangement with creditors, through a debt management program,
• Budget planning,
• Alternatives to bankruptcy,
• Credit rehabilitation

Credit Counsellors also have a mandate to reduce the number of bankruptcies being filed each year. That is why some services are apparently free to the public.

Do not forget Bankruptcy Trustees by law must represent the interests of the Creditors first and foremost, so you are caught between a rock and a hard place.

Consumer Proposals are designed to provide you with an opportunity to make a proposal to your creditors to pay off your debts. Debtor Assistance Programs are designed to offer counselling to those facing financial difficulty.