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How long does the bankruptcy process last?

The duration of your bankruptcy process depends on your income, expenses, family size and whether or not you have been bankrupt before.

If you have never been bankrupt before and have a monthly household income under the amount set out by the Superintendent of Bankruptcy Canada, your bankruptcy will likely be a 9-month process. If you have been bankrupt before with the same income, you can expect to be in bankruptcy for 24 months.

If you have never been bankrupt before and have a monthly household income over the amount set out by the Superintendent of Bankruptcy Canada, your bankruptcy will likely be a 21-month process. If you have been bankrupt before with the same income, you can expect to be in bankruptcy for 36 months.

Note: If you have non-discretionary expenses such as medical expenses, child support or alimony, child care, etc., your income may be reduced before calculating your available household income thus possibly bringing you from a 21-month process to a 9-month process, or a 36-month process to a 24-month process. Make an appointment with one of Smythe’s qualified insolvency administrators today to crunch the numbers.

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