Tip:
Highlight text to annotate it
X
Hello, I'm Peter Stack with Bromwich and Smith, a trustee in bankruptcy. For many, bankruptcy
is a personal matter but in Canada, personal bankruptcy is a matter of public record. Understandably
some people want to know, just how public is personal bankruptcy? Although bankruptcy
records are accessible to the public, most personal bankruptcies are not publicly listed
anywhere other than in government records and employers are rarely notified. Other than
your creditors, very few people will be aware of your bankruptcy. The stakeholders in your
bankruptcy are the organizations, institutions and businesses that have extended unsecured
credit to you. As such, they will receive notifications of your bankruptcy. Every month,
credit bureaus receive a list of new bankruptcies from the office of the superintendent of bankruptcy,
so to facilitate communication, your trustee will send a letter regarding your bankruptcy
to your creditors, and if you owe money to your bank, they will be notified of your bankruptcy
as well. Because bankruptcy is public record, there are ways individuals could find out
about your situation. For a small fee and a little time, someone could conduct an online
search for your bankruptcy records at the office of the superintendent of bankruptcy's
website. Trustees may be required to submit a notice in the newspaper in an attempt to
locate all your creditors. However this is not common and usually only happens if the
person filing for bankruptcy has significant assets. Bankruptcy is personal and if you
do not tell family or friends then normally your bankruptcy is kept a private matter.
For more information on this topic call us, or visit SolvingDebt.ca