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Bromwich & Smith: 1-866-353-6726 [email protected]
The thought of bankruptcy can be unsettling, partly due to the misconceptions about bankruptcy in Canada.
One of those misconceptions is that everyone will know you have filed for bankruptcy.
But who will actually know?
Bromwich & Smith: 1-866-353-6726 [email protected]
Although consumer proposals and bankruptcies are public record, the
majority of the time, only your trustee and those you owe money to will know
you have filed.
Your trustee is NOT obligated to notify your employer or other organizations you are involved with, UNLESS you
owe them money.
Bromwich & Smith: 1-866-353-6726 [email protected]
Will my employer find out?Your trustee will not notify your
employer about your bankruptcy.
However, prior to filing, if you are facing a wage garnishment by creditors, your
employer will be contacted by the court.
A trustee can stop the garnishment. Bankruptcy provides you with legal
protection from your creditors.
Bromwich & Smith: 1-866-353-6726 [email protected]
Who does my trustee notify?
Once you have filed for bankruptcy, your trustee will only notify your
creditors and the Superintendent of Bankruptcy.
A note is then put on your credit report that you have filed, which will remain
there for up to 7 years after your discharge.
Only your creditors are likely to see this information.
Bromwich & Smith: 1-866-353-6726 [email protected]
You should know that anyone can learn of your bankruptcy filing through a paid search of public
records, but it’s unlikely they’ll do so.
If you choose to file, unless you’re a high income filer, its likely the only people that will ever know are your
creditors and those you wish to tell yourself.
Bromwich & Smith: 1-866-353-6726 [email protected]
For more information on this topic and
other financial tips,
visithttp://www.solvingdebt.ca
