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Can I go bankrupt on ____ ?

November 18, 2020

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
    WSIB premiums
  • 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.