Facing A Third Bankruptcy In Canada Any Alternatives

2009-10-26   minute read

If you are facing a third bankruptcy, you will have some difficulty being discharged (i.e., released). You will face a Court hearing for your discharge (as you would have with your second bankruptcy) and the Court may refuse or suspend your discharge for a considerable period of time and potentially place financial conditions on your discharge, depending on your conduct and payment ability. You should consider all alternatives to bankruptcy before embarking on a third bankruptcy (or before enbarking on a first or second bankruptcy). A Trustee can assist you in considering these alternatives, once such alternative being a consumer proposal. While new bankruptcy laws in Canada have made things a bit “tougher” for individuals who have been bankrupt before, these new laws have made consumer proposals more accessible and more flexible than they have been in the past. If you wish to discuss your options, including the alternatives to bankruptcy, please feel free to contact me or another member of the MNP team. Regards, Lana Gilbertson, Trustee MNP Vancouver 604 637 1599

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