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Length of Bankrupty

What generaly determines how long you are in bankrupty? If surplus income payments are around $400/mth – does this mean that you are likely to be extended another 12 mths? What circumstances allow for only a 3 month extension?

One Response to “Length of Bankrupty”

Barton Goth GCO Bankruptcy Trustees said...

The problem is that there is no set formula and it changes depending on what jurisdiction your are in and who is sitting on the bench the day the discharge is requested.

In Alberta if you have $400 surplus you are likely to have to have things extended by another 12 months but this can changed depending on a number of things.

As such you are best to contact your trustee and ask what normally takes place in a case such as yours.