When will I be finished with my bankruptcy?

The time when you are finished with the bankruptcy or “discharged from bankruptcy” depends upon your personal situation and your behaviour during the bankruptcy process. First and foremost your must do all the Duties assigned to you under the Bankruptcy and Insolvency Act. If you have performed all of your duties as explained by the Trustee, your eligibility for discharge depends upon how much income you earn during the bankruptcy process as well as whether or not you have been bankrupt before.

You can be discharged after;

• 9 months – if you HAVE NOT been bankruptcy before and you have NO SurplusIncome;
• 21 months – if you HAVE NOT been bankrupt before and you DO HAVE SurplusIncome.
• 24 months – if you HAVE been bankrupt before but DO NOT have SurplusIncome
• 36 months – if you HAVE been bankrupt before and DO HAVE SurplusIncome

There are additional rules about being discharged if you owe the Canadian Revenue Agency more than $200,000. For debtors in this category it is best to check with your Trustee as the case law, or jurist prudence, is regularly changing in this area.