How Long Will A Second Bankruptcy Last

A second (or multiple) bankruptcy will last longer than a first time bankruptcy. Generally...a first time bankrupt who complies with all of his/her duties will be in bankruptcy for 9 months. For a second time bankrupt....it's going to depend on when your first bankruptcy was, what the causes of the bankruptcies were, if you're compliant with your duties during this 2nd bankruptcy, the amount of your debts.  The length will ultimately be decided by the Courts, but a rough average would be 10 months to a few years. There are also changes pending to the Bankruptcy Laws which, depending on your income, may extend the bankruptcy even longer.  These changes which are set to take effect on September 8, 2009 may require that you make payments for 3 years.  This will depend on what your income is.  You may wish to contact one of our Trustees or Counsellors to see if these changes affect you. You can find them on our website athttp://www.mnpdebt.ca/contact/default.aspx. Donna Carson, CGA, CIRP, Trustee donna.carson@mnp.ca     1.877.500.0792