Timing to go bankrupt
November 30th, 2009 by Questions
Hi, recently I have paid for my scool using visa. I plan to declare bankruptcy. Is it going to have bad impact on discharge of my bankruptcy after 9 months. Just to say I had no choice than use my visa, otherwise I would not be able to continue my stadies. The deadline was in November to pay for it.
Posted from: Ontario
One Response to “Timing to go bankrupt”
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December 01, 2009 at 9:00 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
This is a trancaction you probably shoulnd’t have made. Any time there is a substantial transaction prior to filing for bankruptcy there is significant risk. If it can be perceived that you planned on charging the tuition, had no intention of paying it but instead were planning on filing for bankruptcy all along, then there is a substantial risk that the creditor who funded this transaction will oppose your discharge. If so the court will have to determine what is necessary for a discharge to be obtained.