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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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Loans

What if I owe personal loans to family members and cannot pay them back? If I am bankrupt will that pay out my oweing to them?

Posted from: British Columbia

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One Response to “Loans”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Legally speaking family loans are no different than your other loans, so they are included when you file a bankruptcy and cleared when you are discharged from bankruptcy.

Additionally, you are not permitted to make any payments on these loans while you are in bankruptcy. This is because the legislation is designed to treat all your creditors in an equal and fair manner and if you make payments towards them you are violating the principles the legislation is based on.