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Defaulting on bankruptcy

What happens if someone defaults on their bankruptcy? Do they get fined or sued? Could they wind up facing jail time?

I mean this person has already filed for bankruptcy. What happens if it fails?

Posted from: Alberta

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One Response to “Defaulting on bankruptcy”

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

If someone files bankruptcy and for whatever reason isn’t able to meet the requirements of the bankruptcy the court will ultimately remove the trustee who is responsible for the bankruptcy and the associated court protection from the creditors. What this does is it leaves you in bankruptcy but serves to reinstate all the collection rights of the creditors. So at this point your creditors would be able to call, garnish, sue, seize etc.