2nd time bankruptcy
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
One Response to “2nd time bankruptcy”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
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.