2nd Personal bankruptcy
I’m deciding whether to go bankrupt for a second time. My household income is $5400/mth. (2400 mine+3000 spouse). We have 2 children in our home. Could u tell me what the consequences might be & approx. how much & how long monthly payments would be?
Thanks
The first thing to be aware of is as a result of being a 2nd time bankruptcy you will be ineligible for an automatic discharge. Meaning a court date must be set to request your discharge. At this court date you will likely have to be in attendance (but confirm this with your local trustee) and the court will likely put a penalty in place (although this will also vary with respect to the part of the country you reside and the pracitce of the local courts.
As for cost, with 4 people in the household you and the incomes identified you are likely looking at a payment of $450 or so each month. This will fluctuate depending on the presence of any non-discretionary expenses and again the length of time is up to the courts. It will be guaranteed for 9 months, but likely longer (for instance in Alberta you could anticipate the court would require you to make at least 21 payments) so this is another issue to discuss with a local trustee.