- 9 month automatic discharge for 1st. time bankrupts who fullfill all their duties.
2nd time bankrupts. This is largely at the discretion of the trustee and in most case is tied to the elapsed time from the previous bankruptcy and the causes of the two bankruptcies. A typical "penalty" for a 2nd time bankrupt, who was previously bankrupt 7 or more years ago, is to remain in bankruptcy a further 3-6 months over and above the 9 month period. |
This Law goes into force on September 18, 2009.
- 9 month automatic discharge for 1st. time bankrupts who fullfill all their duties and who do not have excess income. e.g. less than $2,862.00 a month take home pay for a family of 3 for 2009.
- 21 months (or more at the court's discretion) for 1st. time bankrupts who fullfill all their duties. and who have excess income. e.g. more than $2,862.00 a month take home pay for a family of 3 for 2009.
24 months for 2nd time bankrupts who do not have excess income.. e.g. less than $2,862.00 a month take home pay for a family of 3 for 2009.
36 months for 2nd time bankrupts who have excess income. e.g. more than $2,862.00 a month take home pay for a family of 3 for 2009. |
