FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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Length of Discharge

I reside in Ontario.
My question is, at what time during the bankruptcy process do you find out if your discharge period will be 9 months or more ?

Assuming you have determined/decided to file for personal bankruptcy. What happen during your 1st and 2nd meeting with a trustee ? What documents are filled in my me and what and when do they get submitted to the Superindentent ?

Thank-you

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One Response to “Length of Discharge”

A licensed trustee said...

The length of your bankruptcy depends on a number of factors – if you have not file before, there are no extenuating circumstances (like gambling), you perform all of your duties properly and you have modest income you should be discharged in 9 months and one day from the date your bankruptcy starts. Somewhere between 2/3 and 3/4 of all the people we deal with fall into this category.

If you don’t meet all of those criteria you bankruptcy will be extended – there is no “upper” limit so this is something you want to discuss in detail with your trustee before you file.

In regards to your first couple of meetings with a trustee – exactly what happens may vary. The initial sessions are to usually used to assess your situation and determine a course of action. Nothing is forwarded to the Superintendent until you actually execute the documents to file.