Who Will Find Out About My Bankruptcy?

Most of us don’t talk about our personal finances. It’s one of the last subjects we speak openly and honestly about. But when bankruptcy is considered the first thing everyone one asks is – ‘Who will find out about my bankruptcy’?

When you file an Assignment in Bankruptcy it is public information. The Industry Canada website will have the record that you have filed. However, it’s not likely that the public (or your family and friends) will find out. To access that information someone would have to put your name in a search at the Industry Canada website. Each name searched costs eight dollars.

Will my boss or co-workers find out?

Again, probably not unless you already have a garnishment of your wages. If that is the case your employer will receive a stay of proceedings so that they won’t be able to garnish your wages any longer.

When you file an Assignment in Bankruptcy your Trustee isn’t going to tell anyone unless they need to. Your creditors will need to know and will be told that you have filed.

When Does a Notice in the Newspaper Appear?

There are two kinds of personal bankruptcies an individual can file:

1) Ordinary administration bankruptcy
2) Summary administration bankruptcy

The bankruptcy and insolvency act requires a trustee to place a notice in the local newspaper if the amount of money coming into the estate is going to be in excess of $15,000. This is to make sure that anyone who is owed money gets a chance to file a claim in the bankruptcy. This is called an Ordinary administration bankruptcy.

But most people file a summary administration bankruptcy where the amount of money coming into the estate will be less than $15,000. In this case a bankruptcy notice is not placed in the newspaper.

A Fresh Start

A personal bankruptcy allows you, the honest debtor, to start over with a clean slate. To get back on track and start to save for a secure financial future. There should be no shame in using the Canadian bankruptcy legislation for this purpose.

Jillian Taylor-Mancusi, LIT

Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a Read More Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). She is Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP).Jillian has held positions on the Armstrong Point Association, Executive of her local EDA Riding Association, Manitoba Highland Dance Association, and the Continuing Education Committee of CAIRP. Previously, Jillian was the Treasurer for the Parent Association at her daughter’s school. Currently, Jillian serves as the Chair for Dressage Winnipeg. Close