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There are two types of debt; secured and unsecured. Secured debts are loans with property attached to them. If you get behind on payments, the lender can choose to repossess the home, car, boat, TV, furniture, etc. In Canada, secured debts are not discharged in bankruptcy.
Unsecured debts are usually fully discharged when the court declares your bankruptcy completed. Unsecured debts that are eligible for discharge include:
- Credit card balances and interest
- Overdue utility bills
- Unpaid income and property taxes
- Retailers’ credit cards and balances on account
- Unpaid insurance premiums
- Medical and dental bills
- Payday and money mart loans
- Unsecured lines of credit
- Unsecured personal loans
- Unsecured Overdraft balances.
The unsecured debts that will not be discharged include:
- Child support payments and alimony
- Debts created by fraud or theft
- Traffic fines
- Fines handed down because of illegal behaviour
- Damages awarded by a civil or criminal court for bodily harm and sexual assault
- Student loans until you have been fully out of school for seven years (as of July 2008).
IN THIS SECTION
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- Why did my trustee tell me to file all outstanding tax returns?
- I’m declaring bankruptcy because of taxes. Is this allowed?
- Will I still owe my student loan after bankruptcy?
- I can’t afford to pay back my student loan and it’s been less than seven years since I left school-what are my options?
- How long does bankruptcy last?
- Can I keep my car during bankruptcy?
- Can I keep my RRSP during bankruptcy?
- Can I keep my home if I declare bankruptcy?
- Will I still be able to rent an apartment or home if I declare bankruptcy?
- Can I keep a credit card during bankruptcy?
- Is it okay to use a credit card if I am thinking about bankruptcy?
- Can I get a checking account after bankruptcy?
- I co-signed on a loan for someone who declared bankruptcy. What happens now?
- If I’m married and I file for bankruptcy, does it affect my spouse’s credit?
- If my spouse declares bankruptcy and I am listed on their credit cards, am I responsible for the debt?
- I am divorced and my ex has declared bankruptcy. Do I still owe for debts and credit cards that I co-signed with my spouse?
- If I file for bankruptcy, will it be noted on my spouse’s credit file?
- Will filing for bankruptcy affect my job situation?
- Who will find out about my bankruptcy?
- Can I get utility services (telephone, cable, hydro, gas, etc.) after bankruptcy?
- Can I keep any money if I declare bankruptcy?
- What is surplus income?
- Can I go to jail for not paying my debts?
- The collection agency is threatening to take me to court: can they do that?
- What happens if a collection agency takes me to court?
- I am behind on my debt payments; can a collection agency take my furniture, electronics, clothes, etc.?
- I am being harassed by a collection agency: what can I do?
- Can I stop a wage garnishment?
- How do I find out if someone is bankrupt?
- What is Chapter 7 bankruptcy?
- What is Chapter 13 bankruptcy?
- What happens if I live in both Canada and the U.S. and declare bankruptcy?
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