Debts Not Discharged

The following debts are not discharged in Bankruptcy:

Co-signed debts

Any person or people who have co-signed and/or guaranteed any of my debts may be held responsible for such debts.

Secured creditors

Keeping: If I have elected to keep a secured asset, I understand that I must be current with payments to the secured creditor now and in the future.

Surrendering: If I have elected to surrender the asset to the secured creditor, I understand that I must co-operate with the secured creditor in returning the asset so that the debt will be included in the consumer proposal.

Writs of execution registered against my assets prior to my filing may not be automatically removed even though the debt may be discharged. Further action may be required to have these items removed.

Undisclosed creditors

I am required to disclose all known creditors. If I have unintentionally forgotten about a debt that is outstanding today, I will advise the Trustee so that this creditor can be added to the consumer proposal.

If a creditor does not know about my bankruptcy, I may be held liable to pay that creditor the same dividend rate as the other creditors received from my bankruptcy pursuant to section 178 (1) (f) of the Bankruptcy & Insolvency Act.

Fine, penalty or restitution orders

Any penalty or fine imposed by a court, or any debt arising out of the recognizance or bail, or any aware of damages by a court in civil proceedings in respect of bodily harm, sexual assault or wrongful death. Reference: Bankruptcy & Insolvency Act, section 178 (1) (a)

Fraud & Misrepresentation

Any debt or liability arising out of fraud, embezzlement, misappropriation, or misrepresentation.

The government may consider over payments from various government programs to be a result of misrepresentation and may resume collections on all or part of the debt. Reference: Bankruptcy & Insolvency Act, section 178 (1) (d) and (e)

Personal tax debts over $200,000 representing 75% of more of total debts

A court hearing will be required to determine the amount that will be discharged. Reference: Bankruptcy & Insolvency Act, section 172.1

Student loans

Government funded or guaranteed student loans where there has been less than seven years from the date the government has recorded as my end of study date (when I ceased to be a full or part-time student) to today. Reference: Bankruptcy & Insolvency Act, section 178 (1) (g)

Any debt or liability for alimony or child support

Any family law support or alimony arrears and future obligations. Reference: Bankruptcy & Insolvency Act, section 178 (1) (b) and (c)

Please call our office at 1-800-472-7775 or e-mail us at help@hoyes.com if you have any questions.