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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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Debt survival

An American citizen decides to return to the U.S. after 21 years in Canada, $75000 in debt and a failed marriage. He thinks he will never return to live and work in Canada again, but he will be traveling here several times a year to see his children. If he doesn`t file for bankruptcy, will his debts survive him in Canada forever or there is a time when everything will be forgiven. What are the advantages and disadvantages to file or not to file for bankruptcy in his situation.

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One Response to “Debt survival”

Barton Goth GCO Bankruptcy Trustees said...

Each province has a separate statute of limitation, but most of them suggest that as long as the creditor is making collection attempts the limitation period is refreshed. As a result you will likely find that the debts will survive.

As for the advantages and disadvantages, you are best to discuss this directly with a local trustee , but overall the advantage is that your debts or eliminated and the disadvantage is that you have a negative impact on your credit (although this is often not as bad as most people think).