Free Consultation

When is bankruptcy advertised?

is it true that a second time bankruptcy automatically gets advertised in the newspaper.
i thought it was only if there was more than $10000 of assets to distribute.if that is the case then is it the total of surplus over the 9-21 months – which could of course change?

One Response to “When is bankruptcy advertised?”

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

I Canada abankruptcy is only advertised in the newspaper if it is an ordinary administration (i.e. anticipated receipts of $10,000 or greater). Whether or not you have been bankrupt before has no bearing on whether things are or aren’t advertised. The other difference a second time bankrupt is not eligible for an automatic discharge after 9 months, a court application must be made to request a discharge and the court may require you to stay in bankruptcy for a longer period of time and perhaps some other obligations as well (in Alberta a second time bankrupt usually must stay in bankruptcy for an additional 12 months and often make some additional payments as well). For more information on what the court is typically requiring in your area you are best to discuss this with a local trustee.