Can You Declare Personal Bankruptcy For Only One Of Your Creditors

2009-12-17   minute read

 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

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