January 21st, 2009 by Questions
what are the rules around a second personal bankruptcy. Is there a law that states I cannot get credit for 14 years?
Posted from: Ontario
January 22, 2009 at 8:48 am, A licensed trustee said:
You are permitted to file bankruptcy more than once (the limit seems to be 3 times) – each successive time the Court will ask more detailed questions and impose more onerous conditions on your discharge. For example, in Toronto second time you file your bankruptcy will be extended by at least 6 months and you will likely be reqiured to repay a % of your debt. The third time your bankruptcy wil be extended by at least 12 months, possibly as much as 36 anf you will be required to repay a higher % of your debt.
Talk to a trustee to see if perhaps a proposal makes mores sense. If your proposal is accepted you will not be required to appear in Court and things will go much easier on you…
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