What items are not included in a bankruptcy?
Certain debts will survive bankruptcy. That is, when the bankruptcy is complete those creditors can continue to collect the debt. These debts are limited to the following:
Fines, penalties and restitution orders imposed by a Court An award for damages issued by a Court in civil proceedings for bodily injury or wrongful death.
Debts relating to Child supoort and spousal support
Student loans where a debtor has not been out of full time education for 7 years immediately prior to bankruptcy
Debts arising out of fraud, imbezzlement or misappropriation or defalcation. Any denbt relating to obtaining property under false pretences /misrepresentation
If you are considering filing bankruptcy, you would definitely benefit from seeking professional advice from a licensed bankruptcy trustee who will review your options. The initial consultation is FREE with no obligation. Call us toll free in the Thunder Bay, Ontario area at 310-8888.
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