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- Personal Bankruptcy
- Length of Bankruptcy
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Consumer Proposals
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Personal Bankruptcy
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Debt Repayment Options
- Do Nothing
- Debt Consolidation Loan
- Informal Agreement with Creditors
- Debt Management Program (DMP) - Offered through Credit Counselling Society
- Orderly Payment of Debts (OPD) - Offered through Money Mentors
- Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)
- Division I Proposal (debts over $250,000, excluding principal residence mortgage)
- Bankruptcy
What is the length of a bankruptcy?
A bankruptcy can last anywhere from 9-36 months.
For a first-time Bankruptcy, the length is typically 9 or 21 months in length, provided all duties are completed on time and there are no objections to your discharge.
For a second time Bankruptcy, the length is typically 24 or 36 months in length, and similar to the above.
For a third time Bankruptcy, there is no statutory timeframe, but rather the Court will determine the length and it is unlikely to be less than 36 months.