MNP Toronto Bankruptcy

A common emotion that licensed trustees at our MNP Toronto bankruptcy firm sense in debtors approaching us for bankruptcy help is that of embarrassment.


Our clients want to know who all will get to know about them going bankrupt.


Who all Will Know that I’m Bankrupt?


Unless you are a celebrity, no person except your creditors and trustee will know that you have declared bankruptcy.


But there are people that might want to know about your bankruptcy such as prospective lenders.


You may want to be aware of the following aspects related to the dissemination of your bankruptcy information:


  • Your creditors are notified by your LIT (Licensed Insolvency Trustee) once you file for bankruptcy. Your LIT sends a mail to each of your creditors informing them about your bankruptcy.
  • In case you own some substantial assets, a legal notice regarding your bankruptcy could be carried in a newspaper. This is done by your trustee as a means to communicate with your creditors.
  • Once you file for bankruptcy, the OSB (the Superintendent’s Office of Bankruptcy in Canada) records the information in its database. This is an open database, meaning it can be accessed by any interested member of the public.
  • OSB has an online search tool that facilitates bankruptcy record search.
  • Your current employer and banks may come to know about your bankruptcy if legal actions for payment collection such as a wage garnishment have been initiated against you by your creditors.
  • OSB updates TransUnion and Equifax, Canada’s main credit bureaus, with new bankruptcy information. These bureaus record your bankruptcy declaration in your credit history.

History of bankruptcy is removed from your credit report by the bureaus, usually after 6 to 7 years after bankruptcy discharge.


If you are filing your first bankruptcy, then the timing of discharge is 9 months after the day of filing provided your surplus income is less than $200 every month.


  • Potential lenders including individuals and institutions that may lend money to you while you are bankrupt will have knowledge of your bankruptcy.

Your future lenders too may come to know about your bankruptcy as they are likely to search OSB’s public bankruptcy database.


They would want to know if you are a high-risk borrower, which you would be, given your history of bankruptcy.


You can lead a life of dignity and financial security even after a bankruptcy.


Many of our clients have had a successful life and an inspiring journey even after a bankruptcy.


The key is to find a trustee you feel comfortable with.


Licensed trustees at our MNP bankruptcy firm in Toronto have helped thousands of debtors lead a peaceful life after a bankruptcy.


Visit us today for more information.


The first consultation is free.


MNP Toronto Bankruptcy
45 St. Clair Avenue West
Suite 1200
Toronto ON M4V 0A2
Phone: 647-694-0386