2025-09-26
Is some debt good for my company?
Lifestyle Debt Debt Solutions
Whether operating a small business, or large enterprise, there is a lot at stake for Canadian entrepreneurs.
Foreign Creditors In A Canadian Bankruptcy
2009-06-01
If you file a bankruptcy under Canadian law, the California creditor has to abide by Canadian law if it plans to take collection action in Canada. i.e., a Canadian bankruptcy will stop collection action in Canada by a foreign based creditor. There are a few creditors who can still collect in a bankruptcy, but if the California creditor is a credit card issuer, bank, retailer, etc., they would be stopped by the bankruptcy. If you have assets in the U.S., you should get in touch with one of our trustees - that gets a little bit more complicated. Also, if you were to move to the U.S., Canadian law doesn't apply there and that creditor could resume collection action against you in the U.S. Judy Scott Meyers Norris Penny Limited [email protected] 604-949-2100
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