How Long Will I be Bankrupt?

If you are a first-time bankrupt, you are eligible for an automatic discharge from bankruptcy after nine months if you have no obligation to make Surplus Income payments and after 21 months if you have to make Surplus Income payments.

If you have been bankrupt once before, you are eligible for an automatic discharge after 24 months if you have no obligation to make Surplus Income payments and after 36 months if you have to make Surplus Income payments.

The Trustee, the Superintendent of Bankruptcy or a creditor, can oppose your discharge from bankruptcy. If this occurs, a Court hearing will consider the reasons for the opposition and determine what has to happen before you get discharged. Most oppositions are by the Trustee, and the most common reasons for opposition are as a result of the bankrupt’s failure to:

• make required payments;

• provide the Trustee with monthly income and expense reports;

• complete the two mandatory counselling sessions; and/or

• provide the Trustee with requested documentation or information.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.