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Can we claim bankruptcy on one loan or all of our debt

We have a bad debt that we would like to claim bankruptcy on. Can we claim bankruptcy on that one loan or would we have to claim it on all of our debt?

Posted from: Newfoundland and Labrador

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One Response to “Can we claim bankruptcy on one loan or all of our debt”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

When you claim bankruptcy it must be to all of your creditors. You are not able to pick an choose. If you have questions about this the best thing to do is to contact a local trustee and discuss the ramifications on the business directly with them.