just wondering…?

August 25th, 2011 by Questions

My wife is going to file for bankruptcy. She has had a serious gambling and alchol problem for years. She has borrowed money from friends and family for years too do this. I am wondering what happens if she forgets (because she was drinking so much at the time) who she has borrowed from and as a result does not include it in her bankruptcy list.

What happens if someone shows up 3 years from now claiming she owes money?

Posted from: Ontario


One Response to “just wondering…?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Technically if she fails to list a debt and they are not notified of the bankruptcy before a discharge is granted, she will be responsible for some of that missed creditor but not all. What she would be responsible to do is to provide the same recovery to that creditor as they would have got had they been informed of the bankruptcy. So this could range from nothing, to 10 cents on the dollar or more, it simply depends on how the bankruptcy progresses.

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