What are the advantages of choosing bankruptcy?

There are five main advantages of choosing a bankruptcy.

1. It is often the fastest and cheapest option to deal with debts
2. You have formal creditor protection, creditors cannot commence or continue any action
3. You can include debt owed to Canada Revenue Agency
4. You can surrender assets back to secured lenders, with any liability compromised in your Bankruptcy.
5. If your situation improves and bankruptcy is no longer your best option, you have the ability to file a Proposal to annul the bankruptcy