FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Length of Bankruptcy

This is just a hypothetical question.

Assuming I have filed for bankruptcy and have been told that it will take 9 months before I get discharged.

I am NOT working currently.

What happens if during month #8 I find a job. Will I have to pay surplus income and will my discharge now be longer than 9 months.

I reside in Ontario.

Thanks

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One Response to “Length of Bankruptcy”

A licensed trustee said...

If you have never filed for bankruptcy before and you complete the required duties you may be eleigible for an automatic discharge in 9 months…

BUT if you are required to pay surplus income during your bankruptcy that peruiod may be extended up to an additional 12 months (21 months in total).

If you are not working when you file your trustee will probably tell you that your bankruptcy should run 9 months (assuming you do all of things required of you). If you then start working and are requird to pay surplus your bankruptcy will probably be extended. If you are required to pay a lot of surplus you should expect it to be extended to the maximum 21 month period.

Something else you may to know, if/when the “new” amendments to the bankruptcy and Insolvency Act are brought into force all first time bankrupts with surplus income will be automatically extended to 21 months. No one knows when the amendments will be brought into force, but in the scenario you’ve described they will have a definite impact.