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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Bankrupt twice in one lifetime??

Just wondering, if a person is forced to consider bankruptcy for a second time in life – how does the Bankrupt Trustee know it is the second time? I understand after 9 months the first time, you are cleared – discharged. However, apparently after the second time it is not like that? Is it really on your record for life??

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One Response to “Bankrupt twice in one lifetime??”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

There is a central registry housed with the Superintendent that contains all of this information. This registry is public information, accessible for a nominal fee, and the trustee is required to search this database to confirm if there is a previous bankruptcy or proposal that has been issued and whether or not a discharge has been obtained. In terms of the length of a 2nd bankruptcy, this differs by region. Here in Alberta the rule of thumb is that a 2nd bankruptcy will last approximately 21 months. I recommend contacting a trustee in your local area to see if they are following the same pattern we have seen here.