How Long Will I Be Bankrupt for in British Columbia?
Several factors affect how long you will be bankrupt
for in British Columbia. If you are a first time bankrupt,
if you complete all of your duties while bankrupt, and if
your trustee or your creditors do not object to your discharge,
you are eligible to be discharged from bankruptcy after
only nine months.
If you have been bankrupt in the past, you are not eligible for an automatic discharge in nine months. Your bankruptcy will be extended for a period of time that will be determined by the bankruptcy court.
NOTE: At the time of writing, the government of Canada
has introduced proposed bankruptcy reforms that will extend
the length of the bankruptcy in some cases. More details
can be found in our article on bankruptcy
reform.
Bankruptcy rules are complex, so we suggest you contact
a licensed British Columbia bankruptcy
trustee who will explain the rules for filing bankruptcy,
discuss how long you will be bankrupt for in British
Columbia, and help you decide whether or not a bankruptcy
is the correct solution for your financial situation.