How Long Does Personal Bankruptcy Last In Canada?
Hi and welcome to debt talk in 60 seconds where we answer the most frequently asked questions on Canadian debt and insolvency topics. How long does personal bankruptcy last in Canada? I hope you can watch until the end of the video because we have a free gift for you.
Bankruptcy is a scary topic in Canada, Everyone's path to bankruptcy is different, I try to answer the most frequently asked questions to lower your stress level and give you good information.
For a person who is bankrupt for the first time if they do not have what is called surplus income they are entitled to a discharge after nine months. If they have surplus income it becomes 21 months. If it is a second time or more bankruptcy the timeline is extended to either 24 months or 36 months depending on surplus income.
This assumes that you do not owe the Canada Revenue Agency $200,000 or more of unpaid income tax in the bankruptcy and that you have fulfilled all of your bankruptcy duties. My name is Ira Smith president of Ira Smith Trustee & Receiver Inc we help individuals entrepreneurs and their companies overcome their debt problems.
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