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Hello there, I currently owe CRA about $45,000 and also owe to credit companies about $15,000. I borrowed about $50,000 from friends. If I decided to claim for bankruptcy, what will happen to the debt owing to CRA, credit companies, personal loans from friends? The only thing that I own is a car that is worth less than $5,000 and I currently live with my parent.



Grant Thornton Limited



May 17, 2016



Hi Kim, When a person files for bankruptcy there is an immediate stay of proceedings. That means the credit companies and Canada Revenue Agency cannot continue to enforce collections. Loans from friends and family are also debts that can be included in bankruptcy. Once you receive your discharge from bankruptcy, then at that point, you are no longer legally responsible or owe the debts outstanding. Perhaps you would like a no obligation consultation or a telephone discussion to discuss your formal options and how bankruptcy works. Please contact our office at 310-8888 to talk to one of our professionals.

Susan Methuen
T 403-310-8888


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