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Bankruptcy

I am residing in US (green card holder) and I am a Canadian citizen. If I declare bankruptcy in the US does it mean I will be bankrupt in Canada as well? I don`t want to declare bankruptcy in Canada since I have money in RRSP and investments. Is it possible to declare bankrupt in US without my credit in Canada being effected? Thanks.

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One Response to “Bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

If you declare bankruptcy in US you will not be bankrupt in Canada as well. As a result you likely won’t have any impact on your Canadian Credit rating, but any Canadian debts will still exist.

However, you must be careful when you file. While I am not an expert at the US process, in Canada when you file all your assets wherever they are situated vest in the trustee (so not just assets located in Canada) and my understanding is that the same thing happens un the US. As a result you will want to discuss this with a us Bankruptcy Attorney prior to filing anything.