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Ok, here is my question 15 years ago i went bankrupt. At…

Customer Question

Ok, here is my question: 15...

Ok, here is my question:

15 years ago i went bankrupt.

At the time my trustee has said that after 7 years i would have a clean slate and I would not have to make any admission to bankruptcy to anyone asking. At least that is how i interpreted things. Anyway, now i am going bankrupt for a 2nd time, an option i am not happy with. I am not which ones but i know some of my creditors had asked the question "Have you ever declared bankruptcy". I would have checked "NO". Now my question is, what is the likely after filing for bankruptcy that some of those creditors will charge me with fraud or misrepresentation and what would be the likely consequences? Am i guaranteed to meet this objection from creditors? Should i send my creditors a letter telling them of my omission and delay bankruptcy for a time? At this point all of my creditors have been receiving the min payments so i have not become insolvent in that way. I just don't know how long i can keep things afloat. Please advise. Thanks.

Submitted: 13 years ago.Category: Canada Law

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Answered in 35 minutes by:

6/25/2009

Lawyer: Debra, Lawyer replied 13 years ago

Debra, Lawyer

Category: Canada Law

Satisfied Customers: 148,402

Experience: Lawyer

Verified

Have you been to see a Trustee in Bankruptcy yet?

What province are you in?

Are you saying that in the past 8 years you have told creditors that you didn't declare bankruptcy before or are you talking about right now?

Customer reply replied 13 years ago

Hi,

Yes i have met with a trustee. Just got back. I am in province of Nova scotia. So Jan 30 1999 i was discharged from my first bankruptcy. 7 years had past. Then i rebuilt my credit. I am not sure with creditors asked but i know i have seen the question " have you EVER declared bankruptcy?" I know i would have checked the box NO because i thought after 7 years had past i did not have to disclose info. I just want to know if there is a chance that after i file bankruptcy my creditors could oppose my bankruptcy or something saying that i misrepresented the facts and that is why they gave me credit. I hope you understand what i'm saying here. Thanks

Lawyer: Debra, Lawyer replied 13 years ago

Did you tell this to the Trustee and if so what did he say?

Customer reply replied 13 years ago

HI,

With all due respect I am looking for a second opinion Debra. I will say this. He doesn't forsee this becoming an issue. That being said i don't want you simply to piggy back his answer. Tell me what YOUR experience tells you if you can. Thank you very much.

Lawyer: Debra, Lawyer replied 13 years ago

We cannot provide opinions as it's unlawful to practice law online in Canada.

I can provide general information.

If you declared bankruptcy then you were not able to honestly check off that you never declared bankruptcy.

The 7 years that you are talking about is how long it takes the bankruptcy (first bankruptcy that is) to come off your credit rating. It doesn't make the bankruptcy itself disappear.

That being said it's unlikely that any creditor will discover this or go after you because of it unless the debt is so substantial that they don't want to let it go.

If the debts aren't the type of debts that would draw anyone's particular attention then it's likely that this won't come up.

But if it does this can cause you a serious problem as I can see you are already anticipating.

Does that clarify things?

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