decision of bankrupcy
April 20th, 2011 by Questions
I am thinking of going bankrupt – what happens if I don’t tell a trustee that I went bankrupt 18 yrs ago – not quite a personal bankrupcy but a joint one with my husband and his company
Posted from: Quebec
One Response to “decision of bankrupcy”
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April 20, 2011 at 5:39 am, A licensed trustee said:
One of the purposes of the Bankruptcy and Insolvency Act is to allow the “honest, but unfortunate debtor a fresh start…” If you knowingly refuse to disclose your first bankruptcy do you think “honest” applies to you?
Besides, trustees are required to do a search of the government’s records for any prior insolvencies. Your trustee will find your prior assignment and then, if they still accept your file, they will likely view everything you tell them with a certain amount of doubt – you only get one chance to make a good impression and by failing to disclose something you are starting on the wrong foot…