How Long?

Do I get to stop telling people I’ve gone bankrupt after the 7 years is up or do I always have to answer yes if they ask?

Posted from: Ontario

One Response to “How Long?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If the question is asked about you ever filing a bankruptcy, then legally you are obligated to answer it. This is often one of the major advantages of filing a consumer proposal over a bankruptcy.

The only thing to watch is the wording of the question. Some institutions will ask if you filed in the last 5 or 7 years. If they limit the time you may be able to avoid listing it, but be careful because if you don’t list it and you should have this is considered misrepresentation and can become a very serious legal issue.