Bankruptcy is one option for those who are unable to repay their debts as they come due. The factors determining whether bankruptcy is the best option include your income and assets. Depending on the size of your family, you are allowed to earn a certain amount of income per month, set by the federal government. Also, you are allowed to keep a certain amount of equity in assets like your home, vehicle, household goods and furniture, tools, RRSPs, farming equipment and certain excess income. If you earn too much or have too much equity in your home or other assets, you may have to pay more and/or extend the time you spend in bankruptcy repaying your creditors. In this situation, we recommend filing a Consumer Proposal.