2nd bankruptcy involving CRA
July 13th, 2010 by Questions
I have been bankrupt once, mostly for CRA debt. Stupidly I have racked up another $40,000 in CRA debt. Can I declare bankruptcy on CRA debt more than once? How long do I have to wait between bankruptcies?
Posted from: British Columbia
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July 14, 2010 at 9:25 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
As long as you successfully completed your first bankruptcy and obtained your discharge then you are eligible to file for bankruptcy again. There is no allotted time required between the bankruptcies, but you will find that a second bankruptcy is more difficult.
The first major change you will find is that the length of bankruptcy is extended to either 24 or 34 months depending on whether or not you have any surplus income. As well you will find that the credit rating is extended so an R9 will be listed with the credit bureau for a maximum of 14 years from the date you are discharged.
As a result we often try to encourage people to consider the filing of a consumer proposal if at all possible as it can alleviate some of these negative consequences.