April 18th, 2009 by Questions
what happens if you claim bankruptcy a second time. its been about 18 years since the first time.
Posted from: Manitoba
April 20, 2009 at 9:18 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
The particulars of this will depend on the court in your local jurisdiction, so you are best to contact a local trustee directly.
But normally the major differences are as follows:
1. Not eligible for automatic discharge so a court date is set to request a discharge;
2. The court will review your situation and determine if there is a need to put a penalty in place due to this being a second time scenario (although in my jurisdiction this is only an issue if your previous bankruptcy was less than 10 years ago);
3. As a result of a second bankruptcy you will have an R9 listed on your credit history report for a maximum of 14 years from the date you are discharged.
Now as a result of all this I normally recommend people consider the filing of a consumer proposal as opposed to a second bankruptcy, so you may want to discuss with the trustee you contact how a proposal can help to reduce some of the negatives associated with a second bankruptcy.
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