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== What happens next ==
If you pursue a formal proposal or bankruptcy itself, you must have a trustee in bankruptcy to assist you. To locate a trustee, the website of the Superintendent of Bankruptcy has a [http://www.ic.gc.ca/app/osb/tds/search.html?lang=eng lookup registry of all trustees in Canada]. You can also try the Yellow Pages of your phone book under "bankruptcy". Most of your creditors <span class="noglossary">will</span> have to agree to a formal proposal. In a bankruptcy, your assets (except for necessities like clothing, medical aids, work tools, $4,000 worth of furniture and appliances, an inexpensive vehicle, and sometimes your <span class="noglossary">residence</span>) are turned over to your trustee, who <span class="noglossary">will</span> use them to pay off some of your debts. 

Once you are "discharged" from bankruptcy (usually after nine months) the bankruptcy debts <span class="noglossary">will</span> be cancelled. There are some debts, such as support payments, court fines and some student loans, that won’t go away after a bankruptcy. It <span class="noglossary">will</span> take some time after the bankruptcy for you to re-establish your credit.