Post-Bankruptcy Reporting Requirements

May 22nd, 2006 by Questions

I have been discharged for over 10 years from a personal bankruptcy in Ontario. I am retired, though too young for pensions, and have but a negligible income from investments. I am a 25% shareholder in a small property business that is trying to borrow renovation funds. The banks all want persoanl guarantees, so one of the questions on the form is \”Have you ever declared bankruptcy?\”. If the bankruptcy no longer appears on my credit rating, do I still have to be honest? What is the likely outcome of being honest, given that everything I have is paid for by my husband who is also the owner of 25% of the business?


One Response to “Post-Bankruptcy Reporting Requirements”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

If you choose to answer the question you need to tell the truth, if you fail to do so you will have effectively committed Fraud. I have heard of people simply neglecting / refusing to answer the question and leaving it blank, but it is risky as you never know whether this will make relations with the banks more difficult.

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