Kairon - Bankruptcy or insolvency is a legal status of a person or an organisation that cannot repay the debts owed to creditors. In the majority of cases, bankruptcy is initiated by the debtor . An involuntary bankruptcy petition can not be filed against an individual debtor who is not engaged in business.

http://www.debtmanagers.ca/

emmabail - really nice post

Nora (Guest) - Unfortunately one of the biggest mistakes that people make is assuming that bankruptcy
 can be done without an attorney. Many people have to learn the hard way that they
should have sought the legal advice of an attorney before filing for bankruptcy. One of the
biggest mistakes that people who file on their own make is not listing all of their assets
and not using the bankruptcy exemptions to protect them. What they are not aware of is that
failing to list these assets and the exemptions may result in the trustee attempting to obtain
these items and sell them for the benefit of creditors. It is not always as simple as amending
the bankruptcy documents to protect the assets, since some trustee's may argue bad faith.
This website contains a lot of good information about bankruptcy:
http://www.socaladvocates.com