I’m thinking about going bankrupt because I can’t keep up with my payments, collection agencies are calling all the time and I really need a fresh start.
My question is I just found out my parents took out some bonds in my name when I was young. I’ve already started the process of going bankrupt and I just found out about them. How will those bonds be affected if I go bankrupt? What if I try and use them after I go bankrupt in Ontario?
Thanks
If you go bankrupt in Ontario, you lose whatever bonds you have in your name. You are required to surrender the bonds to the trustee; they will cash them in and the proceeds will be distributed to your creditors. If you don’t disclose the existence of the bonds and your trustee later becomes aware of them, you would be guilty of commiting a bankruptcy offence, which could lead to your bankruptcy discharge being opposed, and perhaps more serious sanctions. If you have already started your bankruptcy, I strongly suggest that you discuss this with your trustee.