What long will my bankruptcy last?

How long your bankruptcy will last will depend on the following factors:

  • Whether or not you have been bankrupt before; and
  • Whether or not you are required to pay surplus income

If you’ve never filed for bankruptcy before and you aren’t required to pay surplus income, your  bankruptcy will last for 9 months. You’ll receive an automatic discharge from your trustee and your debts will be legally extinguished on the day that is 9 months plus one day after the day you filed for bankruptcy.

If you’ve never filed for bankruptcy before and you are required to pay surplus income, your bankruptcy will last for 21 months. If you’ve paid your surplus income obligations within the 21-month period, you’ll receive an automatic discharge from your Licensed Insolvency Trustee and your debts will be legally extinguished on the day that is 21 months plus one day after the day you filed for bankruptcy.

If you’ve filed for bankruptcy before and you aren’t required to pay surplus income, your bankruptcy will last for 24 months. You’ll receive an automatic discharge from your trustee and your debts will be legally extinguished on the day that is 24 months plus one day after the day you filed for bankruptcy.

If you’ve filed for bankruptcy before and you are required to pay surplus income, your bankruptcy will last for 36 months. If you’ve paid your surplus income obligations within the 36-month period, you’ll receive an automatic discharge from your trustee and your debts will be legally extinguished on the day that is 36 months plus one day after the day you filed for bankruptcy.

What happens to my assets and what can I keep when I file for personal bankruptcy? »