Several factors affect how long you
will be bankrupt for in Newfoundland. If you are a bankrupt
for your first time, if you complete your duties while bankrupt,
and if your trustee and creditors are not against your discharge,
you could be discharged from bankruptcy after nine months.
If you have been bankrupt in the past, you are not eligible for an immediate discharge from bankruptcy in nine months. Your bankruptcy will be prolonged for a period of time determined by the bankruptcy court.
NOTE: At the time of writing, the government of Canada has introduced proposed bankruptcy reform that will extend the length of the bankruptcy in some cases. Further details can be found in our article on bankruptcy reforms: http://www.bankruptcy-ontario.org/bankruptcy-reform.htm
Bankruptcy rules are complex, so we suggest
you contact a licensed Newfoundland bankruptcy
trustee who will meet with you, explain the rules for
filing bankruptcy, discuss how long you will be bankrupt
for in Newfoundland, and help you decide whether or not a
bankruptcy is the correct solution for your financial situation.
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