Discharge duration

April 25th, 2008 by Questions

I reside in Ontario.
I am seriously thinking about filing for bankruptcy as I have way too much debt and no job.

My question is, WHEN or HOW LONG AFTER I sign my bankruptcy papers, do I know if my filing for bankruptcy will be objected by any creditors include Rev Can ? Can my trustee tell me or do I have to wait till everyone is notified about my bankruptcy ?

I heard that objection by creditors or Rev Canada can prolong the discharge period past 9 months.

Thank-you

Questions

One Response to “Discharge duration”



, A licensed trustee said:

If you have never been bankrupt before then you may be entitled to an Automatic Discharge from bankruptcy after nine months and one day from the date you filed.

Your creditors have the right to oppose your discharge right up to the Automatic date – opposing your discharge means they believe your discharge should be assessed/reviewed by a Court.

Creditor oppositions happen in less than 1% of all personal bankruptcies, unless you’ve done something “inappropriate” it isn’t something to worry about.

When you speak to a trustee they should be able to tell you what the likelihood of a creditor opposition is in your case.

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