What happens to my Canadian assets/debts if I file for bankruptcy?

If I file for bankruptcy in the USA but have assets, income and debt in another Country what is the process ? We live part of the time at our property in the USA part of the time in Canada What assets and debts have to be claimed from Canada if any ?

2 Comments

  1. You have to list all property that you own no matter where it is located. Also, all debts need to be listed. There maybe an issue of jurisdiction living in two different countries. I would need additional facts. But all debts and all property must be listed.

  2. Bankruptcy is an all or nothing proposition. What this means is that you must list all of your assets (no matter where located), all of your income, and expenses. It would be up to the Trustee is there are non-exempt, unprotected under bankruptcy law, assets as to whether to pursue property located in a different country. You should certainly sit down with an experienced bankruptcy lawyer to evaluate your situation and determine whether filing is a good option.

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