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

2026-06-23

Budgeting for post grads A trustees guide to financial confidence after graduation

Tarah Fawdrey

A Licensed Insolvency Trustee shares simple budgeting tips to help graduates manage money, reduce debt and build confidence.

Read More

2026-06-17

How to improve your savings: Two tips from my father

Vicky Samuels

Money wasn’t something my dad talked about very much when I was growing up. However, he did have a couple of expressions he would share repeatedly over the years.

 

Read More

2026-06-11

Life after debt: What’s next and how to avoid repeating debt

Tina Powell

What happens after a Consumer Proposal or a Bankruptcy? These steps can help you rebuild your credit rating and manage your credit effectively.

Read More

Consultation icon