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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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How are U.S. creditors handled in a Canadian bankruptcy?

Are you protected from U.S. creditors in a Canadian banruptcy? What about civil penalties and fines imposed by the federal government?

Posted from: Manitoba

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One Response to “How are U.S. creditors handled in a Canadian bankruptcy?”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

If you file for bankruptcy in Canada and have US creditors you will not be released from your American debts. However, while you remain in Canada your American creditors will loose their ability to collect money from you, so unless you cross the border and enter the US you likely won’t have any major issues.

As for civil penalties and fines imposed by the federal government, in most cases these types debt can be released, but it really depends on the exact nature of these debts. As a result you are best to review the nature of thees debts and the context of the situation with a local trustee.