Will going bankrupt in another country have an effect on my credit?

Will going bankrupt in another country have an effect on my credit?

There is no straightforward answer to this question as it depends on many factors but it is unrealistic to think you can declare bankruptcy in one country and not have it affect you elsewhere; the world is getting smaller.


1.  Can a credit agency file international credit checks?

Only if the credit reporting agency operates in both countries.

2.  Would it affect us from getting a mortgage in Canada?

It depends on your individual circumstances.

3.  Would they (other country) contact a debt collecting agency in Canada to try to obtain any possible assets on their behalf?

It depends on whether there is a bilateral agreement between the 2 countries.

4.  Do we have to go to court to go bankrupt or can we do all the administration from Canada?

You have to follow the laws of the country where you are filing bankruptcy

5.  How long does the Bankruptcy process take?

It depends on the law in the country in which you go bankrupt. Also, Canada would have to recognise the laws of the other country.

6.  If we did go bankrupt would they have any future claim to a property in Canada?

Same as above (answer 5)

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.  

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