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Answered in 3 minutes by:
2/17/2013
Law.Hut, Lawyer
Category: Canada Law
Satisfied Customers: 7,846
Experience: with over 15 years experience.
VerifiedLaw.Hut :
Hello:The promissory note remains valid, but is subject to the bankruptcy proceedings, and the trustee in bankruptcy, or a bankruptcy court, will determine how much, if any, gets paid on the note, and after the prson is discharged from bankruptcy there will be no further way to enforce payment of the debt.
Customer:
Even after a proof of claim?
Customer:
Even after a proof of claim and when the borrower is able to pay?
Law.Hut : The trustee will determine if the debt is valid and owing based on the proof of claim, and would then determine what ability the bankrupt has to pay. But the trustee has to take into account all the debts, and cannot give preference to any one creditor and pay them first.
Customer:
After the bankruptcy proceeding is closed can the loan be legally collected when the borrower becomes able to pay?
Law.Hut, Lawyer
Category: Canada Law
Satisfied Customers: 7,846
Experience: with over 15 years experience.
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