Bankruptcy In The Local Paper?

May 7th, 2012 by Questions

If you claim personal bankruptcy in Ontario, does it go into the local newspaper? I’m worried friends and family may find out – very embarrassing.

Posted from: Ontario

Questions

One Response to “Bankruptcy In The Local Paper?”



May 07, 2012 at 2:38 pm, A licensed trustee said:

The short answer is no, in 99% of all personal bankruptcies no ad goes in the local paper.

The long answer is “it depends on which type of bankruptcy” you have. The most common type is called a Summary Assignment. In this type of bankruptcy the “net” value of your assets (the things that you own) are less than $15,000. In this type of bankruptcy there is no ad in ther newspaper.

The second type of bankruptcy is called an Ordinary Administration – they are used in cases where the net value of the assets exceeds $15,000. In this type of file there is an ad in the newspaper and a Meeting of Creditors will be scheduled. This type of bankruptcy is commonly used for businesses and individuals with higher dollar assets.

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