What if I Forgot to List a Creditor on my Bankruptcy?

What if I forgot to list a creditor on my bankruptcy?

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What if I forgot to list a creditor on my bankruptcy?   People filing bankruptcy have a lot on their minds, so it is not unusual to forget to list a creditor. If the oversight is just a mistake, and not done to “game” the system, the solution is simple. Just tell your trustee you forgot to list a creditor and give the trustee the name, address and the amount owed to that creditor.

If you did not list a creditor on purpose because you, for example, did not want your uncle to know you were filing bankruptcy, that is a serious offense under the Bankruptcy and Insolvency Act. When you signed the bankruptcy papers you were swearing an oath that you had divulged all your assets, debts and that all other information was correct. Please read this information on a person on whom the RCMP filed changes under the Bankruptcy and Insolvency Act.

What happens if you forgot to list a creditor and did not realize it until well after your discharge from bankruptcy and your trustee’s discharge? There is a provision in the Bankruptcy and Insolvency Act that deals with this matter. You must pay that creditor the payment (dividend) he would have received had he been listed and that will absolve you from any further payments.

If you have any questions about this or other aspects of bankruptcy or consumer proposals you can set up a FREE consultation with our trustees, who are in every province and territory in Canada.