Comments on: who needs to know http://www.bankruptcy-canada.ca/bankruptcy/2008/08/who-needs-to-know.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Barton Goth - Goth & Company Inc. - Bankruptcy Trustees http://www.bankruptcy-canada.ca/bankruptcy/2008/08/who-needs-to-know.html#comment-54858 Barton Goth - Goth & Company Inc. - Bankruptcy Trustees Fri, 29 Aug 2008 12:55:50 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2008/08/who-needs-to-know.html#comment-54858 A bankruptcy does become a public record and anyone can search this public record to verify whether or not someone has filed for bankruptcy. However, very rarely does anyone do this as there is a cost and very few people even know this registry exists. In terms of your employer, as long as you are cooperative and provide all the necessary information to your trustee (i.e. pay slips for each month during the bankruptcy) then your your employer will not be notified by your trustee. The one exception to this is if you have a garnishee. In order to stop a garnishee we must contact the employer and instruct them to stop the garnishment. As for the iimpact on your credit, you will have an R9 that is listed with the credit bureau for 6 years from the date you are discharge. So this definitely is taken into consideration when applying for future loans. As well, when applying for credit if a creditor asks about a previous bankruptcy it would be fraudulent not to disclose it. A bankruptcy does become a public record and anyone can search this public record to verify whether or not someone has filed for bankruptcy. However, very rarely does anyone do this as there is a cost and very few people even know this registry exists.

In terms of your employer, as long as you are cooperative and provide all the necessary information to your trustee (i.e. pay slips for each month during the bankruptcy) then your your employer will not be notified by your trustee. The one exception to this is if you have a garnishee. In order to stop a garnishee we must contact the employer and instruct them to stop the garnishment.

As for the iimpact on your credit, you will have an R9 that is listed with the credit bureau for 6 years from the date you are discharge. So this definitely is taken into consideration when applying for future loans. As well, when applying for credit if a creditor asks about a previous bankruptcy it would be fraudulent not to disclose it.

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