January 11th, 2008 by Questions
can a person file for bankruptcy more than once in their lifetime?
January 14, 2008 at 9:30 am, A licensed trustee said:
Yes, technically there are no restrictions on multiple-filings.
From a practical standpoint, each procedure becomes more complicated and longer.
For example, the first time someone files the procedure normally lasts 9 months. The seocnd time it will last 15 to 24, the third time 24 to 36 and in most cases, at least in Ontario where I practice, if you file a fourth time your discharge will be refused (ie they won’t let you do it four times).
When the new legislation that was passed last year is enacted (probably later this year) the time lines I set out above are being extended.
You should talk to a trustee immediately to discuss your options – ask about proposals as an alternative to filing bankruptcy (again).
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