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Will anyone find out that I filed for a bankruptcy or proposal?

For most bankruptcies and consumer proposals, your creditors, the Office of the Superintendent of Bankruptcy and Canada Revenue Agency are the only parties who will be notified. The credit reporting agencies obtain this information to keep on your credit bureau for specified periods of time, depending on the type of filing.

In certain circumstances where the assets realized by the Licensed Insolvency Trustee are estimated to be more than $15,000, a legal notice is posted in the local newspaper to advise prospective creditors of your bankruptcy filing and the date of the meeting of creditors. This is not applicable for a consumer proposal.

The vast majority of bankruptcies have less than $15,000 of realizable assets; therefore no legal notice is posted and no creditors meetings are held. That being said, filing for bankruptcy or a consumer proposal is public information and the information is available to the general public for a fee.

Generally, your employer is not notified that you have filed a bankruptcy or a consumer proposal unless a creditor is garnishing your wages.

For more information on this, speak to one of our trusted Licensed Insolvency Trustees.

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