Can You Declare Personal Bankruptcy For Only One Of Your Creditors

2009-12-17

 If you declare personal bankruptcy, you are required to list all of your creditors and they, in turn, must be notified by the Trustee of your bankruptcy filing. Once bankruptcy occurs, creditor protection begins and your creditors are barred from collecting the outstanding debts from you.    One of the aims of the Canadian bankruptcy system is to ensure that your creditors are treated equally and that no creditor receives preferred treatment over others. Therefore, you cannot exclude smaller creditors from the bankruptcy process.   If you have further questions about your creditors or other aspects of your situation, please call an office in your area and we would be happy to assist you.   Regards, Lana Gilbertson, Trustee MNP - Vancouver 604 637 1599

Latest Blog Posts

2025-08-14

How to budget for summer vacation

Marianne Steele-MacSween

Vacation costs can add up quickly without proper planning. This guide can help you budget so that you can make the most of your trip without overspending.

Read More

2025-08-05

How to budget when you’re unemployed

Lindsay Burchill

Bankruptcy Consumer Proposal

Losing your job can be frustrating and, even more so, managing your financial wellbeing while you’re unemployed. However, you can successfully navigate the situation with the right budgeting tips.

  • First steps to take when you become unemployed
  • Managing your expenses
  • Seeking professional help

Read More

2025-08-04

How to Deal with Unexpected Medical Expenses

Nicole Polak

Since it’s impossible to predict or prevent most medical conditions or emergencies, the best way to handle them is by planning and preparing for them.

Read More

Consultation icon