FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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bankruptcy and being responsible

How often can someone go bankrupt? I have a cousin who is going bankrupt for the second time in less than 10 years, and it’s mostly five years worth of income taxes, GST, and alimony and child support. Can the tax-paying and familially-responsible members of this society hope that he will not be allowed to make a habit of this relationship to his responsibilities (and this guy makes over $100,000 a year, but is trying to hide it in a corporation, claiming he is only making $30,000)?

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One Response to “bankruptcy and being responsible”

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

While there is nothing we can do to prevent the filing of multiple bankruptcies, I can assure you that every subsequent bankruptcy is significantly more difficult. The courts examine each situation and where it is perceived that there is a patter of potential abuse they often impose significant time restrictions and monetary penalties that must be complied with to successfully complete the bankruptcy process.