Ontario Bankruptcy
Question: Under Ontario bankruptcy law, if you owe debt to numerous creditors, are you allowed to claim bankruptcy on majority of debt, but, keep certain debt alive? What are the restrictions and rules? example-bankrupt on % of debt? Thank-you.
Answer: No, if you go bankrupt in Ontario, you must disclose all debt; you cannot pick and choose. Bankruptcy must be fair to all creditors, so all creditors must be disclosed.
There are certain debts, such as child support arrears, that are not discharged in bankruptcy; you would be required to continue paying those debts. Also, secured debts are not discharged in a bankruptcy if you retain the secured asset (such as continuing to make payments on a car loan or house mortgage while bankrupt). Your Ontario bankruptcy trustee can provide you with more information.
Answer: No, if you go bankrupt in Ontario, you must disclose all debt; you cannot pick and choose. Bankruptcy must be fair to all creditors, so all creditors must be disclosed.
There are certain debts, such as child support arrears, that are not discharged in bankruptcy; you would be required to continue paying those debts. Also, secured debts are not discharged in a bankruptcy if you retain the secured asset (such as continuing to make payments on a car loan or house mortgage while bankrupt). Your Ontario bankruptcy trustee can provide you with more information.
Labels: bankruptcy Ontario, debts
posted by Questions @ 11:42 AM
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