How Long Does A Bankruptcy Last

Hello, Upon filing for bankruptcy there are a number of duties that you must complete including paying fees, participation in two debt counseling sessions and submission of monthly income and expense statements. The Trustee must also file your income tax return for the year in which you are filing for bankruptcy (plus any other previously unfiled statutory returns).If you get your duties completed in a timely fashion and this is your first bankruptcy, you are eligible for an automatic discharge at the expiration of 9 months from the date of filing. This means the bankruptcy is over where you are concerned and the unsecured debts that you had are discharged (i.e. forgiven). Certain debts are not discharged including but not limited to child support, alimony, student loan debts (if out of school less than 7 years), fines, and debts arising from fraud. An individual who files for bankruptcy a second time is not eligible for an automatic discharge at the expiration of 9 months. It would be at least 12 months before you would be eligible for discharge and your discharge may be subject to a suspension or monetary condition imposed by the court. This particular situation varies by circumstances and jurisdiction. For more information on personal bankruptcy, please refer to Personal Options / FAQs / Personal Bankruptcy FAQsfrom our main page. Brad Milne, CIRP Trustee in Bankruptcy Brandon, Manitoba