FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Who pays off debt if a bankruptcy is filed

I am currently thinking of claiming bankruptcy and I am wondering who pays off your current debts?

The reason why I ask, is I owe my parents 10, 000…and I understand I would need to claim this under the bankruptcy. Will she ever get paid back?

Posted from: Alberta

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One Response to “Who pays off debt if a bankruptcy is filed”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you file for bankruptcy your creditors are not paid off. The are legally required to walk away from the debt, this would include your parents. Now in some cases the creditors may get a small recovery from a bankruptcy, but typically this is a nominal amount.