April 2nd, 2009 by Questions
If I file for bankruptcy in Canada is my credit affected worldwide?
Posted from: Ontario
April 03, 2009 at 6:30 am, A licensed trustee said:
There ar currently no international treaties on debt, debt collection, or credit reporting. If you file for bankruptcy in Canada it will only be reported in Canada.
That being said, recently US credit granters have started requesting credit reports for people that have recently moved to the US from their countries of origin. It is likely only a matter of time before this practice is adopted in other countries…
In addition, when you file for bankruptcy in Canada, you are required to disclose all of your debts regardless of their location. Further, you are required to disclose whether or not you’ve declared bankruptcy anywhere else in the world. Again, it is only a matter of time before these rules are adopted in other countries too.
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