Debts in othere countries in bancrutcy

January 6th, 2009 by Questions

I am a landed immigrant in Canada since 4 years, and I am doing quite well here. I have a job with a regular pay, not too much, but I and my kids can make our living from it.

Before I came over to Canada, I had to co-sign for a company loan when I sold my company in Germany. Now I learned that the buyer is bankrupt, and there is a chance that the German bancrutcy trustee may try to charge me to take over the debts (yet I did not hear fronm them yet. But I want to be prepared if it should happen). It is an amount that I could never pay with what I make in my present job in Canada.

Thus, in the worst case scenario, bancruptcy may be a solution fot me. Can you tell me if debts in Germany could be included if I would file bancruptcy in Canada?

I can manage my finances quite well here in Canada, and I would consider a bancruptcy mainly in order to get rid of the debts that may come up from this old co-signing. Thus I need to be sure that a bancruptcy filed in Canada would be accepted for the discharge of residual debts in Germany.

Would a bancruptcy put the prolongation of my landed immigrant status at risk?

Looking forward to your answer, thanks in advance

Posted from: New Brunswick

Questions

One Response to “Debts in othere countries in bancrutcy”



January 07, 2009 at 8:55 am, A licensed trustee said:

From a Canadian perspective the debts would be unenforceable, but if you have income or assets in Germany the creditor may take actions against those. You’ll have to contact some one in Germany to determine how to deal the debt on that end…

In regards to your immigration status in Canada, I suggest you contact Imiigration Canada and ask them directly how a bankruptcy might affect your application for citizenship. I am not an immigration lawyer and so can’t give you legal advice.

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