FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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leaving Canada

Hi,

I have to leave Canada for a year or so but I have quite a lot of dept towards the Revenue Agency and on Visa card ( 21 ooo $ all together). I am wondering if filing bankruptcy would be a good option for me, sinse I am not able to pay that money back before I need to leave. I am not sure what the future brings and I will be able to come back to Canada, but looking for a way to make sure I could start building my credit when I would return and continue my life here.
I would not have any income in Cabada for a period of time, would I still have to make some kind of payments?, what kind of consequences would I have to face coming back to Canada if I wouldn’t attend credit concelling sessions or wouldn’t be able to report to a trustee?
Or should I forget about bankruptcy, try to get a longer term loan instead and try to pay the money+interests back when I return?

I hope you can give me an answer for some of my questions.

Thank You

Kevin

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One Response to “leaving Canada”

A licensed trustee said...

There is no correct answer to your question. If you can get a loan and repay your debts, that will preserve your credit, so that is a good option.

If you can’t get a loan, once you leave Canada it will be difficult for your creditors to pursue you, so you could just wait until you return. Whether you live in Canada or not you will still be required to make payments to the trustee, so it may be simpler to wait until you return.

I suggest you contact a trustee to review your options with you in greater detail.