Who Will Know I’ve Gone Bankrupt?
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Who Will Know I’ve Gone Bankrupt? Unless you are a prominent person only your creditors will know you have filed bankruptcy. The trustee will not tell your employer you filed.
Who Will Know I’ve Gone Bankrupt is a question many debtors ask their trustee. When you file bankruptcy nobody will know that you have gone bankrupt in almost all cases unless you tell your friends, family or neighbors.
However, if there are significant assets in your bankruptcy then a notice will be placed in the “legals” section of the newspaper or online.
The purpose of this notice is to notify the creditors of the date of the meeting of creditors.
In a bankruptcy with minimal assets the creditors will be notified by a letter in the mail and there will be no mention of the bankruptcy in the newspaper or online.
When you file bankruptcy in Canada a public document is created and the general public has access to this document if they so choose.
However, in the vast majority of all bankruptcy filings nobody will know that you have gone bankrupt. The public document created is intended to notify the credit bureaus.
A record of your bankruptcy filing will remain on your credit report for 6 years or 14 years (2nd bankruptcy).
Who Will Know I’ve Gone Bankrupt? Will My Employer Find Out About My Bankruptcy?
In certain cases your employer will find out about your bankruptcy filing. In most cases, this will be because they are notified that your wages will no longer be garnished.
Fortunately, your employer will not be able to fire you because you have filed for bankruptcy. The Canadian bankruptcy law will give you a fresh start, and keeping your job and salary is part of this fresh start. Even financial professionals that handle money cannot lose their job over their bankruptcy.
When you file bankruptcy, however, it is possible to lose certain professional designations. If this is the case, you will have to seriously consider a consumer proposal as your debt relief vehicle.
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