FAQ

Frequently Asked Questions: Bankruptcy is a legal process that gives individuals in financial difficulty and opportunity to have a fresh start. To qualify for bankruptcy, an individual must owe at least $1,000 and not be able to meet his or her financial obligation as they become due.

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When is bankruptcy completed?

A first-time bankrupt is eligible for an automatic discharge at the end of nine months if no opposition is received from the creditors, the trustee or the Superintendent of Bankruptcy. If the discharge is opposed then a hearing is set before a Judge or Registrar.