Repeat Bankruptcy RateRepeat Bankruptcy Rate: 

Most people hate the idea of bankruptcy and vow to never let it happen to them again.  Trustees help by providing education to people who file bankruptcy.   There are two mandatory counselling sessions that every bankrupt must take in order to be discharged.

In spite of all this the repeat bankruptcy rate in Canada is quite high and the rate is rising!

A recent study sheds new light on Canadians falling back into bankruptcy.

REPEAT BANKRUPTCIES AND THE INTEGRITY OF THE CANADIAN BANKRUPTCY PROCESS Thomas G.W. Telfer Western University Faculty of Law October 31, 2013”

The Telfer Report gives the following statistics:

Repeat Bankruptcy Rate: 

First and second time bankrupts are entitled to be discharged (out of bankruptcy) in 9 to 36 months, Debtors with three or more bankruptcies are not entitled to an absolute discharge. In such a situation, the court must refuse, suspend or grant a conditional order of discharge.

  Repeat Bankruptcy Rate: 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)

Our Bankruptcy Predictor will give you the exact cost of a bankruptcy and how long you will be in bankruptcy.

Worries about debt keeping you up at night? We understand what you are up against better than anyone.

  Click or call 1-877-879-4770 (24/7) to talk to a trustee and start feeling better.