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As per the Bankruptcy and Insolvency Act, most debts are releasable in the case of bankruptcy. There are debts which are not releasable and they are:

  • alimony payments and child support;
  • student loans, if it is less than seven years since you ceased to be a full or part-time student;
  • fines or penalties imposed by the Court;
  • debts arising from fraud.

Furthermore, bankruptcy generally does not affect the rights of certified creditors. Please contact us if a creditor has taken the security to your assets (ex: your house or vehicle). If you are able to make the monthly payments, you may be able to reach a financial agreement with the certified creditor.
However, you can give back the asset when declaring bankruptcy to longer have to repay the debt if you wish.

You must provide a copy of your bankruptcy discharge certificate to each credit bureau to ensure that your credit report is up to date. Make sure to keep all the documents related to your bankruptcy or proposal for future reference for your fututre creditors.