0003 - Debt Related Queston: Bankruptcy Question # 0003
If I declare bankruptcy, how long before I am finished with the Bankruptcy Process?
If this is the first time you have declared bankruptcy, you are eligible for an automatic discharge after nine months. Most people are done in the nine-month period, however, the nine months can be extended if you fail to perform some of your duties while an un-discharged bankrupt. These duties include, submitting monthly budget reports which detail your income vs. expenses, attending 2 counseling sessions with the trustee, and paying excess income if any. Excess income is calculated each month by comparing your income to that of a guideline amount set by the federal government. The nine-month period can also be extended if your level of excess income is such that you have the ability to pay excess income without undue hardship. As well, any of your creditors can object to your discharge and, if they do, then the matter is brought before a Registrar in the court, who will listen to all parties. Bankruptcy allows debtors to make a fresh start when there is nowhere else to turn. Call us for your free consultation, if you need to discuss your options.