How Long Will I Remain Bankrupt?
Assuming there are no unusual issues which would require the Trustee to oppose your discharge and require a court hearing, the timing of your discharge depends on a combination of factors. The two most important are whether you have filed a bankruptcy before this one, and your current family income. The formula set by the Office of the Superintendent of Bankruptcy that determines how much a person has to pay in their bankruptcy is called “Surplus Income”.) The guidelines below are based on legislative changes made in September, 2009.
First bankruptcy, no Surplus Income: 9 months, assuming no opposition to discharge
First bankruptcy with Surplus Income: 21 months, assuming no opposition to discharge
Second bankruptcy, no Surplus Income: 24 months, assuming no opposition to discharge
Second bankruptcy with Surplus Income: 36 months, assuming no opposition to discharge
In the case of a third bankruptcy, your discharge would automatically be opposed at the 9 month point. Speak to a Trustee about the possible durations of bankruptcy, as the case law relative to the changes in law is still developing.