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.
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.