Free Consultation

3rd time bankrupt

I was Bankrupt twice in my 20`s I am now 43 , I have had some business issues as of late and these businesses are closing . I have revenue canada debt from a re-assesment and am being sued personally even though i was incorpereated . If I lose this litigation I could be in debt up to $200,000 I have some debt personally but nothing overwehlming that We cannot handle . My wife and I make decent money so I realize I would be paying a surlus . How long would my bankrupcy last since it is my 3rd time and mostly business related not personal spending issues .

Posted from: Manitoba

One Response to “3rd time bankrupt”

A licensed trustee said...

At the very least you will be required to attend in Court and provide copies of the documents from your first two bankrutpcies. The Court will then decide what to do with you – in Ontario you’d be looking at a 12 or 18 month extension due to the prior filings. You’ll need to ask whatever trustee you speak to in Manitoba what the curent rules there are.