Length of Discharge

March 31st, 2008 by Questions

I reside in Ontario.
My question is, at what time during the bankruptcy process do you find out if your discharge period will be 9 months or more ?

Assuming you have determined/decided to file for personal bankruptcy. What happen during your 1st and 2nd meeting with a trustee ? What documents are filled in my me and what and when do they get submitted to the Superindentent ?



One Response to “Length of Discharge”

, A licensed trustee said:

The length of your bankruptcy depends on a number of factors – if you have not file before, there are no extenuating circumstances (like gambling), you perform all of your duties properly and you have modest income you should be discharged in 9 months and one day from the date your bankruptcy starts. Somewhere between 2/3 and 3/4 of all the people we deal with fall into this category.

If you don’t meet all of those criteria you bankruptcy will be extended – there is no “upper” limit so this is something you want to discuss in detail with your trustee before you file.

In regards to your first couple of meetings with a trustee – exactly what happens may vary. The initial sessions are to usually used to assess your situation and determine a course of action. Nothing is forwarded to the Superintendent until you actually execute the documents to file.

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