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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 time bankrutpcy

I filied for bankruptcy in 1990 and may have to file again. Will the discharge be longer?

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One Response to “second time bankrutpcy”

A licensed trustee said...

If you completed your procedure properly in 1990 it should have lasted 9 months. Depending on where you live in the country, a second bankruptcy will run anywhere from 15 to 24 months or longer. The reason the seocnd procedure takes longer is that you will be required to attend in Court and explain to a Registrar (think judge) why you had to file a second time. The Registrar will then decide what to do with you.

In Toronto, you may have to wait 6 months for the hearing after the initial 9 months are up and then if their are no outstanding issues the Registrar is likely to add another 6 months to your bankruptcy.

Should a third bankruptcy be filed it is possible that the Registrar will have you appear in Court more than one over a 2 or 3 year period.

Instead of a second bankruptcy, you may want to consider a consumer proposal. When you talk to a trustee make sure you ask about this option as it will keep you out of Court…