Question: What if you have been bankrupt in Ontario before?
Answer: A second bankruptcy in Ontario is a more complicated procedure than a first bankruptcy. In a first bankruptcy, you are eligible to be automatically discharged from the bankruptcy at the end of nine months.
In a second bankruptcy, you are not eligible for an automatic discharge. A discharge hearing is held in bankruptcy court, and at that hearing the Bankruptcy Registrar will decide what additional duties you must perform, and what additional payments you must make, in order to receive your discharge. Due to this added complexity and cost, it is advisable to consider a consumer proposal as an alternative to a second bankruptcy. Regardless of what you decide, we suggest you contact an Ontario bankruptcy trustee to review your options and determine the best option for you.
Answer: A second bankruptcy in Ontario is a more complicated procedure than a first bankruptcy. In a first bankruptcy, you are eligible to be automatically discharged from the bankruptcy at the end of nine months.
In a second bankruptcy, you are not eligible for an automatic discharge. A discharge hearing is held in bankruptcy court, and at that hearing the Bankruptcy Registrar will decide what additional duties you must perform, and what additional payments you must make, in order to receive your discharge. Due to this added complexity and cost, it is advisable to consider a consumer proposal as an alternative to a second bankruptcy. Regardless of what you decide, we suggest you contact an Ontario bankruptcy trustee to review your options and determine the best option for you.
Labels: bankruptcy discharge, bankruptcy Ontario
posted by Questions @ 12:15 PM
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