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Right to own property while an undischarged bankrupt

While bankrupt can I take a loan to acquire property? Example: Take a loan from a close relative to buy computer equipment.

Posted from: Ontario

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One Response to “Right to own property while an undischarged bankrupt”

A licensed trustee said...

Yes you may as long as you disclose to the person lending you the money that you are an undischarged bankrupt. If the loan is with a family member I strongly recommend that you sign a promissory note that sets out the repayment terms – this is in case anyone tries to treat the loan as a gift (in which case it may be considered a windfall and seizable by your creditors).