How long will a bankrupty last?

1) How long after filing bankruptcy papers with my trustee will I know if it will be 9 months or more before I am discharged ?

2) If my trustee tells me 9 months, can I be pretty sure that it will be 9 months, or will I get a major suprise 2-3 months later ?

3) If I am not working and have no assets, does it matter how much my spouse makes ( $30K or $300K ) ? Will she be affected at all ?


Posted from: Ontario

One Response to “How long will a bankrupty last?”

Barton Goth GCO Bankruptcy Trustees said...

In typical situations your trustee won’t know until roughly 8 months in whether or not you will be dicharged automatically at the 9 month mark. This is because this automatic discharge is directly related to whether or not you are able to keep up on your duties as a bankrupt. If you are able to have all your duties (including payments) completed by the 9 month anniversary then you won’t have any issues, but if you have trouble keeping up with things then you won’t qualify for the automatic discharge.

In terms of your spouse and her income, if you don’t make anything then you will have no surpluse so as long as she doesn’t have her name attached to any of your debts there shouldn’t be anything that directly is impacted by her income.