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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family debt

I have family debt as well as comsumer debt. Can I not include family debt in the bankrutpcy?

Posted from: British Columbia

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One Response to “family debt”

A licensed trustee said...

Not legally. The law requires you to list anyone that you owe more than $25 to if/when you file for bankruptcy. If you exclude family debt and the Court becomes aware of it then they have the right to refuse your discharge – in other words none of your debts will be discharged.

Having said all that, the act of filing for bankruptcy provides you with protection from your creditors. Once you have been discharged from bankruptcy you cannot be compelled to repay any of your pre-bankruptcy debts, BUT you can choose to repay anyone you want.

So list the family debt, explain to them you have to under the law, and if you are able to repay them after you have been discharged you may do so legally.