Receiving Your Bankruptcy Discharge in Ontario
Bankruptcy can be a long process, often taking many years for people to get back onto their feet when they’ve gotten deep into money trouble.
By the time you’ve paid off all of your debt, you will finally have the chance to enjoy the benefits of financial freedom once again, but you’ll have to be discharged from bankruptcy first.
There are two different ways that this can be handled in Ontario; automatic discharge or discharge through a court hearing.
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Automatic Bankruptcy Discharge
You can be automatically discharged for up to two bankruptcies in Ontario.
An automatic discharge won’t require any work from a court, and will usually go through smoothly once you’ve met all of your obligations.
Once this is over, you will be free to enjoy financial freedom once again.
Going Through Court For A Discharge
Getting discharged from bankruptcy isn’t always as simple as the option above, and a lot of people end up going to court when this process is drawing to a close.
An automatic discharge may not be possible if you haven’t paid your debts, your trustee or creditors disagree with the discharge, or this is the third time you’ve filed for bankruptcy.
A bankruptcy judge will decide the path you will take at this stage, and they have four options.
- Absolute Discharge: The result of an absolute discharge will be the same as an automatic discharge; you will be free from bankruptcy and will be able to enjoy financial freedom once again.
- Conditional Discharge: Conditional discharges add a new stage, with conditions which you will have to meet before being given an absolute discharge. This may mean that you have to make additional payments or avoid taking on debt for a set period.
- Suspended Discharge: A suspended discharge is an absolute discharge with a date set in the future, enabling you to finish making payments or meet other financial obligations before you are fully freed.
- Refused Discharge: If the judge doesn’t think that you are ready to be discharged, they may refuse it and force you to continue working on your finances.
Getting discharged from your bankruptcy is a crucial step in this process.
Not only do you need to go through this to ensure that you don’t have to go to court in the future, but you will also want to get your finances in order.
Bankruptcy Canada has a wealth of experience when it comes to getting clients discharged from bankruptcy.
We can help you to file the initial documents, work with you to improve your finances, and then push you past the final step to achieve true financial freedom.
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