How often can a person file a bankruptcy?

1sr, 2nd & 3rd Time Bankruptcies?

In life, unforeseen things can happen, either a lost job, unexpected injury, or more debt than you are able to manage. For the majority of people that do file a bankruptcy, this tends to be a one-time deal. There are times where people do file a bankruptcy a second time.

When someone goes bankrupt for the first time, they are eligible for an Automatic Discharge from their bankruptcy at the end of a 9 month period. This is extended to 21 months if they have a surplus income.

If someone happens to go bankrupt for a second time, they will be bankrupt for a longer period of time than the first bankruptcy. With a second bankruptcy, they are eligible for Automatic Discharge from their bankruptcy in 24 months. This is extended to 36 months if they have a surplus income.

An automatic discharge, is issued to someone who has finished the necessary counselling, completed their legal requirements and the discharge is not disputed by a creditor, trustee, or the Office of the Superintendent of Bankruptcy.

With a first bankruptcy, it can stay on your credit report/history for up to 7 years after you have been discharged.

With a second bankruptcy, the amount of time that it is on your credit report is doubled, (up to 14 years). This can greatly hinder your borrowing ability.

So, Can you file for a third bankruptcy? It can be done, but you would need to attend a discharge hearing in Court and you will need to explain why you are filing again for a third time to the Judge. From there it is up to the Courts to determine when or if you can be discharged from your debts. There is a greater chance for conditions to be imposed. While it is possible to go bankrupt three times, this is generally something you would want to avoid, and seek out alternate options to help avoid bankruptcy.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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