Q: To keep it short, we trusted the wrong person, and are now deeply in debt. I've looked up a few bankruptcy (in Canada) sites, but am still a bit confused. So I have a few questions. How exactly is the debt paid off? Does commercial bankruptcy affect my 'personal things'? (eg. house with mortgage)
A: I am unfamiliar with Canadian bankruptcy law. Here in the US, creditors are paid anywhere from nothing to 100%, depending on the details of the case. Your personal assets, unless security for a corporate debt, normally are not affected. I strongly recommend that you speak with a bankruptcy solicitor.