Bankruptcy is a process designed to allow a debtor to recover from an otherwise unmanageable debt load. There are a number of steps involved in a bankruptcy. It is not a difficult process, but there are some requirements that must be fulfilled.
You must be a Canadian resident or have assets in Canada. You must owe at least $1,000 and be insolvent. That is, you must be unable to pay your debts as they come due, or the value of your property must be less than your debts.