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who needs to know

Do I need to tell my employer if I file?
Does it become public knowledge if I file for bankruptcy?
Once discharged from a bankruptcy how long does it stay on my record ie how long does it affect my credit rating for applying for a mortage etc?
Once discharged do I have to tell future creditors I had previously filed?

Posted from: New Brunswick

One Response to “who needs to know”

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Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

A bankruptcy does become a public record and anyone can search this public record to verify whether or not someone has filed for bankruptcy. However, very rarely does anyone do this as there is a cost and very few people even know this registry exists.

In terms of your employer, as long as you are cooperative and provide all the necessary information to your trustee (i.e. pay slips for each month during the bankruptcy) then your your employer will not be notified by your trustee. The one exception to this is if you have a garnishee. In order to stop a garnishee we must contact the employer and instruct them to stop the garnishment.

As for the iimpact on your credit, you will have an R9 that is listed with the credit bureau for 6 years from the date you are discharge. So this definitely is taken into consideration when applying for future loans. As well, when applying for credit if a creditor asks about a previous bankruptcy it would be fraudulent not to disclose it.