Debts in othere countries in bancrutcy
January 6th, 2009 by Questions
I am a landed immigrant in Canada since 4 years, and I am doing quite well here. I have a job with a regular pay, not too much, but I and my kids can make our living from it.
Before I came over to Canada, I had to co-sign for a company loan when I sold my company in Germany. Now I learned that the buyer is bankrupt, and there is a chance that the German bancrutcy trustee may try to charge me to take over the debts (yet I did not hear fronm them yet. But I want to be prepared if it should happen). It is an amount that I could never pay with what I make in my present job in Canada.
Thus, in the worst case scenario, bancruptcy may be a solution fot me. Can you tell me if debts in Germany could be included if I would file bancruptcy in Canada?
I can manage my finances quite well here in Canada, and I would consider a bancruptcy mainly in order to get rid of the debts that may come up from this old co-signing. Thus I need to be sure that a bancruptcy filed in Canada would be accepted for the discharge of residual debts in Germany.
Would a bancruptcy put the prolongation of my landed immigrant status at risk?
Looking forward to your answer, thanks in advance
Posted from: New Brunswick