If your monthly payments are calculated to be less than $100.00 per month, and you are a first time bankrupt, you are eligible for a discharge in 9 months.
When you're ready to stop creditor harassment and get a Fresh Financial Start, please contact us.
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Trustee Fees are regulated by the Government. As soon as a bankruptcy or consumer
proposal is filed, all actions including collection calls and wage garnishments, by law, must stop.
Bankruptcy Discharge Rules:
- 9 month automatic discharge for 1st. time bankrupts who fulfill all their duties and who do not have excess income. (Required monthly payment of less than $100.00 per month)
- 21 months (or more at the court's discretion) for 1st. time bankrupts who fulfill all their duties. and who have excess income. (Required monthly payment of $100.00 per month or greater)
-24 months for 2nd time bankrupts who do not have excess income. (Required monthly payment of less than $100.00 per month)
-36 months for 2nd time bankrupts who have excess income. (Required monthly payment of $100.00 per month or greater)
-Bankrupts with personal income tax debt of $200,000.00 or more representing 75 percent or more of total unsecured claims, are not eligible for an automatic discharge. They must go to court for an adjudication.
Note: The trustee at the 8th month will take the average income over the 8 months and that will determine if the bankruptcy will be extended or will be limited to 9 months.
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