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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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second bankruptcy

I feel awful and totally irresponsible-I first declared bankruptcy 5 years ago due to some incorrect advice from my accountant and I owed revenue canada about $40,000-I am a very small business and am self employed with 2 employees. I have now run into trouble -again-with revenue Canada due to some very unexpected health issues for both me and my daughter,age 10-I fell behind in my payroll taxes and now owe about $25,000.I have NO other debts and yet i can’t seem to get this debt down i.e. penalties and interest PLUS stay current with my payroll taxes etc.
Should I claim bankruptcy again due to these circumtances? What will Revenue Canada do? HELP!!!!
Thanks so much.

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One Response to “second bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

There are some rather significant changes to the bankruptcy the second time around. The biggest change is that of length, a second time bankruptcy will last between 24 and 36 months depending on your income. So you have to be prepared for this. The second change is in length of time that your credit is impacted. With a first time bankruptcy you see an R9 listed for 6 years from discharge. With a second time bankruptcy you see an R9 listed for 14 years from the date of discharge. So a dramatic difference.

The rest of the process is similar (i.e. monthly statements, impact on taxes, provincial exemption laws, counselling sessions). But is is the duration of the bankruptcy and increased damage to a credit rating that often leads people to seriously consider filing a consumer proposal as opposed to repeating a bankruptcy.