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Bankruptcy In The Local Paper?

If you claim personal bankruptcy in Ontario, does it go into the local newspaper? I’m worried friends and family may find out – very embarrassing.

Posted from: Ontario

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One Response to “Bankruptcy In The Local Paper?”

A licensed trustee said...

The short answer is no, in 99% of all personal bankruptcies no ad goes in the local paper.

The long answer is “it depends on which type of bankruptcy” you have. The most common type is called a Summary Assignment. In this type of bankruptcy the “net” value of your assets (the things that you own) are less than $15,000. In this type of bankruptcy there is no ad in ther newspaper.

The second type of bankruptcy is called an Ordinary Administration – they are used in cases where the net value of the assets exceeds $15,000. In this type of file there is an ad in the newspaper and a Meeting of Creditors will be scheduled. This type of bankruptcy is commonly used for businesses and individuals with higher dollar assets.