Is there a limit to how many times you can go bankrupt in Ontario?
Today 02/09/2012
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Is there a limit to how many times you can go bankrupt in Ontario?
There are no limits, but the process becomes more complicated each time you go bankrupt.
In a first bankruptcy you are eligible to be automatically discharged after nine months if certain conditions are met.
In a second bankruptcy you are not eligible to be discharged after nine months. The bankruptcy court must decide how long your bankruptcy lasts, and in most cases your bankruptcy would be extended for at least six months after the nine months is over, possibly longer.
A third bankruptcy lasts even longer than that, and in extreme cases it is possible that you would never be discharged from a third or subsequent bankruptcy.