promissory note and bankruptcy
May 16th, 2008 by Questions
If, at the time of a personal banktuptcy, there existed a promissory note payable on demand to the person`s father and the holder of the note never contacted the trustee regarding the claim though he was aware of the bankruptcy proceeding, does this promissory note then become invalid and unenforceable upon the discharge from bankruptcy?
Posted from: Ontario
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May 19, 2008 at 9:02 am, Barton Goth GCO Bankruptcy Trustees said:
By filing a bankruptcy you are cleared from most of your unsecured debts and a promissory note is one of them. The important thing is that you must have listed the debt in your bankruptcy documents, if you failed to do this then you may be a portion of this debt you would be responsible for, but it would be a fraction of the original amount (for more details on that contact your original trustee).