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3rd bankruptcy

what are the rules regarding going bankrupt 3 times? went bankrupt twice years ago due to marital breakup etc. I now find myself swamped with credit card debt and other loans and mortgage. it took 14 years for the second one to come off of my credit report. will I ever be discharged for a 3rd bankruptcy? is a proposal a better idea? thanks

Posted from: Ontario

One Response to “3rd bankruptcy”

A licensed trustee said...

If you are able to offer a reasonable proposal then I suggest you strongly consider doing so – 3rd bankruptcies are permitted, but you will have to explain to the Court the circumstances of each of your prior bankruptcies and the Court may extend your bankruptcy (and therefore your payments to your creditors) by as much as 2 or 3 years or more.

Before anyone asks, 4th bankruptcies are generally refused.