[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/rkillen.ca\/how-long-will-my-bankruptcy-last-in-ontario\/#BlogPosting","mainEntityOfPage":"https:\/\/rkillen.ca\/how-long-will-my-bankruptcy-last-in-ontario\/","headline":"How Long Will My Bankruptcy Last in Ontario?","name":"How Long Will My Bankruptcy Last in Ontario?","description":"How Long Will My Bankruptcy Last In Ontario?Watch this video on YouTube In this video, Richard Killen, a Licensed Insolvency Trustee in bankruptcy Toronto talks about, How long a Bankruptcy lasts. There tends to be some general misunderstanding about how long a bankruptcy lasts. People hear things about this 7 years business, not being able […]","datePublished":"2017-07-29","dateModified":"2023-04-13","author":{"@type":"Person","@id":"https:\/\/rkillen.ca\/author\/admin\/#Person","name":"admin","url":"https:\/\/rkillen.ca\/author\/admin\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Richard Killen and Associates","logo":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2017\/07\/how-long-will-my-bankruptcy-last.jpg","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2017\/07\/how-long-will-my-bankruptcy-last.jpg","height":720,"width":1280},"url":"https:\/\/rkillen.ca\/how-long-will-my-bankruptcy-last-in-ontario\/","video":{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=aV9ec-DRz2c#VideoObject","contentUrl":"https:\/\/www.youtube.com\/watch?v=aV9ec-DRz2c","name":"How Long Will My Bankruptcy Last In Ontario?","description":"http:\/\/rkillen.ca\/how-long-will-my-bankruptcy-last-in-ontario\/ In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, How long a Bankruptcy lasts.\n\nThere tends to be some general misunderstanding about how long a bankruptcy lasts. People hear things about this 7 years business, not being able to obtain credit, and things like that. But, essentially a bankruptcy is a legal process, it has a beginning and it has an end. It begins when you file for bankruptcy. It ends when you are discharged from the bankruptcy and therefore from your debts. So, how long will it last? Well, for the majority of people who have gone bankrupt, it\u2019s their first and hopefully only bankruptcy, they are eligible for the discharge to take place in nine months. If they earn above a certain pre-set amount, an amount the Government sets for your monthly income, then if you earn more than that, bankruptcy might be extended by 12 months, from 9 to 21 months. If you have been bankrupt once before, you are going to be eligible to be discharged automatically in 24 months, not nine. And if you earn again, above that amount, then you will get the 12 months tacked onto that too, so you will end up being bankrupt for 36 months. So, generally speaking, a person goes bankrupt, they are bankrupt either 9 or 24, or 21 or 36 depending on the circumstances. Now, there are other factors that come into play, that could extend the bankruptcy, it would result in a person having to go to court to get their discharge and all that. Now, those are the kinds of things a Trustee needs to explain to you. And there are so many different variables.\n\nIf you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems.\n\nWe can meet with you during business hours or book after hours appointments if that is more convenient.\n\nContact us for a fresh start 1 (888) 545-5365\nLive your life free of financial stress!\n\nFollow us on Instagram: https:\/\/www.instagram.com\/killen_trustee\/\nFollow us on Twitter: https:\/\/twitter.com\/Killen_Trustee\nFollow us on Facebook: https:\/\/www.facebook.com\/rkillenassociates\nFollow us on Linkedin: https:\/\/www.linkedin.com\/company\/richard-killen-&-associates\/\nConnect on Linkedin: https:\/\/www.linkedin.com\/in\/richard-killen-020aaaba\/\n\nRichard Killen and Associates have 10 locations across the Greater Toronto Area.\n\nOur main office is at\n\nRichard Killen & Associates\n2130 Lawrence Ave\nEast Suite 402, M1R 3A6\nTel: (416) 285-9511\nhttp:\/\/rkillen.ca","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/aV9ec-DRz2c\/default.jpg","https:\/\/i.ytimg.com\/vi\/aV9ec-DRz2c\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/aV9ec-DRz2c\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/aV9ec-DRz2c\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/aV9ec-DRz2c\/maxresdefault.jpg"],"uploadDate":"2017-07-29T00:42:35+00:00","duration":"PT1M42S","embedUrl":"https:\/\/www.youtube.com\/embed\/aV9ec-DRz2c","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw#Organization","url":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw","name":"Richard Killen & Associates Ltd","description":"Since 1992 we at Richard Killen & Associates have helped thousands of people resolve their financial problems. With over 22 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.\n\nThe strength of our company is exemplified by the manner in which we treat our customers. We understand the intense pressure people are under. You will feel better after having spoken with our staff and your sense of dignity will be restored. The relief most people feel is tangible.","logo":{"url":"https:\/\/yt3.ggpht.com\/ytc\/AIdro_nK1yzM56nIFCGmWO7scxw1pLTW2Z8LVLH_kg8kdbbfw5M=s800-c-k-c0x00ffffff-no-rj","width":800,"height":800,"@type":"ImageObject","@id":"https:\/\/www.youtube.com\/watch?v=aV9ec-DRz2c#VideoObject_publisher_logo_ImageObject"}},"potentialAction":{"@type":"SeekToAction","@id":"https:\/\/www.youtube.com\/watch?v=aV9ec-DRz2c#VideoObject_potentialAction","target":"https:\/\/www.youtube.com\/watch?v=aV9ec-DRz2c&t={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"},"interactionStatistic":[[{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=aV9ec-DRz2c#VideoObject_interactionStatistic_WatchAction","interactionType":{"@type":"WatchAction"},"userInteractionCount":356}],{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=aV9ec-DRz2c#VideoObject_interactionStatistic_LikeAction","interactionType":{"@type":"LikeAction"},"userInteractionCount":4}]},"about":["Bankruptcy","Debt Counseling","Finances"],"wordCount":314,"keywords":["Bankruptcy","Debt Counseling","Finances"],"articleBody":"How Long Will My Bankruptcy Last In Ontario?Watch this video on YouTubeIn this video, Richard Killen, a Licensed Insolvency Trustee in bankruptcy Toronto talks about, How long a Bankruptcy lasts.There tends to be some general misunderstanding about how long a bankruptcy lasts. People hear things about this 7 years business, not being able to obtain credit, and things like that. But, essentially a bankruptcy is a legal process, it has a beginning and it has an end. It begins when you file for bankruptcy. It ends when you are discharged from the bankruptcy and therefore from your debts. So, how long will it last? Well, for the majority of people who have gone bankrupt, it\u2019s their first and hopefully only bankruptcy, they are eligible for the discharge to take place in nine months. If they earn above a certain pre-set amount, an amount the Government sets for your monthly income, then if you earn more than that, bankruptcy might be extended by 12 months, from 9 to 21 months. If you have been bankrupt once before, you are going to be eligible to be discharged automatically in 24 months, not nine. And if you earn again, above that amount, then you will get the 12 months tacked onto that too, so you will end up being bankrupt for 36 months. So, generally speaking, a person goes bankrupt, they are bankrupt either 9 or 24, or 21 or 36 depending on the circumstances. Now, there are other factors that come into play, that could extend the bankruptcy, it would result in a person having to go to court to get their discharge and all that. Now, those are the kinds of things a Trustee needs to explain to you. And there are so many different variables.If you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"How Long Will My Bankruptcy Last in Ontario?","item":"https:\/\/rkillen.ca\/how-long-will-my-bankruptcy-last-in-ontario\/#breadcrumbitem"}]}]