Why Do Some Bankruptcies Appear In The Newspaper

2011-03-21   minute read

Generally, bankruptcy filings are not put in the legal notices section of newspapers in Canada unless one of two things applies: a) The bankrupt is a corporation; or b) The bankrupt is an individual who has more than $15,000 of non-exempt assets available to creditors (Of course, what assets are exempt varies quite a bit between provinces, check the FAQ section of this website to find out which exemptions apply in your Province). Most bankruptcies are filed by individuals with few or no assets, so most bankruptcies are not placed in the newspaper. Bankruptcy is a matter of public knowledge, and it will appear on a person's credit history and can be found by searching at the Office of the Superintendent of Bankruptcy's website (although this costs money) but only vary rarely will it actually be advertised in the newspaper. Ian Schofield MNP Regina 306-790-7904

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