Occasionally bankruptcy is your only option.
A Bankruptcy should be considered only when there are no “other options” available. The Bankruptcy process is a formal form of restructuring and is filed under the Bankruptcy and Insolvency Act.
A Bankruptcy (depending on your surplus income) for a first time Bankrupt is from 9 months to 21 months and second time bankruptcy from 24 months to 36. Alternatively, you can file as many Consumer Proposals as you want without having more severe consequences for the insolvencies.