How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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foreign debt and bankruptcy in Canada

Is undeclared foreign debt included in a bankruptcy filed in Canada?
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One Response to “foreign debt and bankruptcy in Canada”

A licensed trustee said...

Yes and no.

Yes – all of your unsecured debts, except for those specifically excluded by section 178 of the Bankruptcy and Insolvency Act, are included in your bankruptcy. If you fail to disclose some of them you may be subject to penalities under the law, but the debts will still be included.

No – Canadian law is only useful/enforceable in Canada. So while you Canadian bankruptcy will protect you from your creditors in Canada, it will not protect you if you leave the country. If you hvae US debt for example, the debt will still exist in the US after a Canadian bankruptcy.