2nd Bankruptcy

April 21st, 2005 by Questions

My sister is 63 years old and just got laid off from her job. She went bankrupt in 1990. She now owes $45,000 to Canada Revenue and $30,000 to credit card debt. Given that she will be on UIC until she finds another job which may be difficult at her age, would a second bankruptcy now wipe out all the debt?

Questions

One Response to “2nd Bankruptcy”



April 22, 2005 at 8:11 am, A licensed trustee said:

Yes, a second bankruptcy would discharge the debt. However, a second bankruptcy is more complicated than a first bankruptcy, and more costly, and given that she is currently unemployed, it may not be wise at this time. I suggest she speak to a trustee to explain the pros and cons of a second bankruptcy in her situation.

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