You have a lot to consider before coming to a decision to file for bankruptcy and it is of paramount importance that you weigh all the possible consequences of your decision.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (), providing for significant changes in bankruptcy in the United States, was passed by the 109th United States Congress on April 14, 2005 and signed into law by President George W.
The Canadian Bankruptcy and Insolvency Act is "An Act Respecting Bankruptcy and Insolvency" that sets out the law on bankruptcy in Canada, and applies to both businesses and individuals.