Can I go bankrupt on ____ ?
There are many misconceptions about bankruptcy and some of them start with what types of debts can be included in bankruptcy (or a proposal). It might be easier to say which debts can be included than to list those that can.
This list is not exhaustive but should be a good starting point.
Debts you CAN’T go bankrupt on:
- Student Loans that are less than five years old.
- Fines from a court for breaking the law.
- Spousal or child support payments.
- Debt that is secured by a registered mortgage unless you are willing to give up the property for which the chattel applies.
- Debt secured by chattel mortgages unless you are willing to give up the property for which the chattel applies.
- Debt arising out fraud, proven in court.
Debts you CAN go bankrupt on:
- Income tax debt.
- 407 ETR
- Furniture store loans when the furniture is not registered under PPSA
- Government benefit overpayments
- HST and Child Tax Benefit overpayments
- And many, many more…
Call today 519-646-2222 to see if a bankruptcy or a proposal would be the right option for you to fix your debt problems.