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canada bankruptcy questions

if i go bankrupt and i bought a 4,000$ gift for someone else on a credit card are the creditors going to take it from them? also if i have a family members car in my name, but they are paying it are they going to take their car?

Posted from: Ontario

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One Response to “canada bankruptcy questions”

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

If you file for bankruptcy the $4,000 gift will be an issue. Most likely you will be required to pay an additional $4,000 into the bankruptcy estate (the trustee) as part of the cost of the bankruptcy and if you do so there won’t be any impact on the person you gave it to.

As for the car, it is up to the lender, but most lenders aren’t going to be to concerned as long as the payments are up to date on the car.