Under the Bankruptcy and Insolvency Act, some debts are not discharged by bankruptcy. These debts include: support payments (child, spousal or partner) student loans (if you stopped being a student less than seven years ago) court-ordered fines or penalties debts arising from fraud Bankruptcy usually does not affect secured debts, such as a mortgage or vehicle financing. A secured loan means the lender requires the borrower to use its property as collateral for the debt. If the borrower defaults on the loan, the lender can seize the property. It can use the property to repay the loan. If you can afford monthly payments while bankrupt, you may be able to make an agreement with the secured creditor. However, declaring bankruptcy is usually an act of default under a mortgage and can trigger the foreclosure process (though the lender can choose not to if you are making payments). Talk to a Licensed Insolvency Trustee for more information and advice. Last Reviewed: October 2020