What happens to my debts when I go bankrupt in British Columbia?
What happens to your debts when you go bankrupt in British Columbia
is complex. There are a few debts that are not discharged
when you go bankrupt. These debts include:
Fines and most court ordered restitution payments;
Debts that arose as a result of fraud;
Certain government overpayments (this is a confusing
area, so if you have received overpayments from the
government, you should discuss this with your British
Columbia bankruptcy trustee).
Also, in some cases you are permitted to keep assets such
as a car or house when you go bankrupt. If these assets
have a loan secured by the asset (such as a mortgage or
car loan), you would be required to continue making payments
to the secured creditor while bankrupt.
Please consult an British Columbia
bankruptcy trustee for more information on what happens
to your debts when you go bankrupt in British Columbia.