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Publishing names of bankrupt person in newspaper

Is it true that if a person declares bankruptcy their names are published in the local newspaper?

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One Response to “Publishing names of bankrupt person in newspaper”

A licensed trustee said...

Not necessarily – there are two different types of bankruptcy procedures. The first is called a Summary Administration and it is used when the person(s) filing hase less than $10,000 in assets (things that they own). In a Summary Administration there is no requirement to place an ad in the newspaper. The majority of personal bankruptcies in Canada are prepared under the Summary Administration rules.

The second type is called an Ordinary Administration. These are used in cases where the assets exceeed $10,000. In this type of bankruptcy there is a requirement to place an ad in a paper of record – usually the newspaper where the person that filed lives.

If you are still uncertain of the rules, use the links to contact a trustee in your area and ask them to explain it to you.