Bankruptcy Discharge

Usually after nine months, the bankrupt will receive a bankruptcy discharge.

Meaning once you are discharged from bankruptcy, you will be released from the legal obligation to repay the debts you had from the date you filed for bankruptcy.

You can then start rebuilding your financial life. Some debts; however, cannot be discharged. These include:

• alimony and child support payments
• student loans less than 7 years since you were a student
• fine or penalties imposed by a court
• debt arising from fraud or misrepresentation

If this is your first bankruptcy and you are not required to make surplus income payments, you will be eligible for an automatic discharge from bankruptcy in nine months.

If you have surplus income, your bankruptcy discharge will be extended to twenty-one months and you will be required to make payments from your surplus income throughout that time period.

Your discharge from bankruptcy will happen automatically if:

• The trustee, a creditor or the Office of the Superintendent of Bankruptcy does not oppose the discharge
• You have attended the mandatory financial counselling sessions
• This is your first or second bankruptcy

I got into financial issues using credit, after my wages were garnisheed a friend told my about YanchDey.  They were honest and together we decided bankruptcy was the option for me.  The bankruptcy has been discharged, and I am rebuilding my credit. Thanks Again! J.Kerr Toronto.

If you do not qualify for an automatic discharge, the trustee will ask the court to hear your application for discharge.

Prior to your discharge hearing, the trustee will prepare a report.

The report is used to inform all parties of the circumstances surrounding your bankruptcy, and describes your financial situation and analyzes:

• your financial affairs
• the causes of your bankruptcy
• how you performed the bankruptcy-related duties
  • you are required to carry out under the Bankruptcy and Insolvency Act
• your conduct before and after the bankruptcy
• whether you were convicted of any offence under sections 198 to 208 of the Bankruptcy and Insolvency Act
• any other facts that could justify the court refusing your discharge

The court can then decide to:

• grant an absolute discharge
• grant a conditional discharge
• suspend (delay) the discharge
• refuse the discharge

Call YanchDey today and speak with a trustee about discharging your debts through a bankruptcy.