What about Debts Incurred just before Bankruptcy?
If you are already insolvent, that is you are unable to pay your debts, you should not incur further credit because if you become bankrupt it is considered to be an offence under the Bankruptcy and Insolvency Act, and you may be prosecuted. If you incur debt before you declare bankruptcy, you need to be honest and disclose all information. Dishonest behaviour is fraud and you have a duty to inform your trustee of any change in your financial situation.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.