Former federal minister and former Montreal mayor Denis Coderre has taken a significant step by seeking bankruptcy protection due to mounting debts totaling close to $1.1 million. This revelation was initially disclosed by Le Journal de Montréal.
Official documents from the Office of the Superintendent of Bankruptcy reveal that Coderre’s financial obligations include substantial sums owed to tax authorities, a mortgage provider, a credit card company, and various personal lenders.
Coderre attributes a blend of personal challenges and professional setbacks, such as health issues and a divorce, as key factors contributing to his financial difficulties.
Despite earning an annual net income of about $204,000 from employment and pension sources, Coderre has depleted most of his assets after selling his residence last year.
Working alongside an insolvency trustee, Coderre aims to propose a repayment plan later this month that would involve creditors receiving a portion of $240,000 spread out over a five-year period.
